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State auditors give Redmond a clean 2022 opinion but flag $4.4 million revenue accrual error
Summary
The Washington State Auditor's Office issued an unmodified (clean) opinion on Redmond's 2022 financial statements and federal grant compliance but identified significant internal-control deficiencies, including a $4.4 million overstatement of intergovernmental revenue in the Capital Improvements Fund; city staff said software and staffing changes are already underway.
The Washington State Auditor's Office told the Redmond City Council on Oct. 15, 2024, that it will issue an unmodified (clean) opinion on the city's 2022 financial statements while also reporting significant internal-control deficiencies tied to revenue recognition.
Audit lead Angela Fundamori said auditors concluded the financial statements are “stated fairly and materially correct” and that they are issuing a clean opinion on the city's financial statements and on federal grant compliance for 2022. She told council members the audit identified control deficiencies in how the city records revenue, which resulted in intergovernmental revenues being overstated by $4,400,000 and a corresponding understatement of unavailable revenue (deferred inflows) in the…
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