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Philomath council accepts 2023–24 audit after auditor flags budget and control items
Summary
The Philomath City Council approved its 2023–24 financial audit unanimously after the city’s auditor said the financial statements fairly present the city’s condition but noted budget‑to‑audit variances, expenditures in excess of appropriations and internal control weaknesses tied to staffing and segregation of duties.
The Philomath City Council on March 10 voted unanimously to accept the city’s 2023–24 financial audit after the firm presenting the report said the statements “present fairly in all material respects.”
The auditor, the partner in charge of the government sector for the firm engaged by the city, told the council the audit opinion covers the fiscal year ended June 30, 2024, and highlighted that government‑wide net position increased in the period. He reported governmental activities with a net position of about $23,000,000 (an increase of roughly $1.7 million) and business‑type activities with a net position near $20,100,000 (an increase of about $3.5 million).
Why it matters: the opinion signals the financial statements can be relied on for budgeting and oversight, but the auditor also…
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