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Finance committee hears 2024 audit; auditors report clean opinion and ARPA spending
Summary
City auditors presented the 2024 annual comprehensive financial report, issued an unmodified opinion and summarized fund balances; the report notes $3,600,000 in ARPA funds were spent on public-safety salaries and flagged upcoming GASB disclosures.
The Finance Committee on Aug. 4 received the city’s 2024 annual comprehensive financial report from Jaslene Keurer, principal with Lauderbach and Amon, who told the committee auditors issued an unmodified opinion — the cleanest form of audit assurance.
Keurer, who presented a high-level overview of the report, said the SAS 114 communication found no disagreements or difficulties with management during the audit. "I'm happy to report that we've issued an unmodified opinion," she said, and walked the committee through the report’s main sections, including management’s discussion and analysis, notes to the financial statements and required supplementary information.
The auditor summarized several fund-level figures as presented in the report: she said the general fund showed operating income of about $1,590,000 with a positive ending fund balance of about $8,670,000. Keurer also cited other funds in the report (for example, the Community Park Fund and Downtown TIF 2) and referred members to the detailed schedules and notes for precise breakout of amounts.
Keurer told the committee the report includes the ARPA compliance audit and that the city spent the full $3,600,000 of ARPA funds on public-safety salary expenses during the reporting period. She also flagged notes and disclosures beginning in the notes section and offered to provide follow-up calculations requested by members, including specifics on debt disclosures and reserve calculations.
On internal-controls issues, Keurer described the management letter as a vehicle for recommendations and noted two upcoming GASB disclosure standards the city will need to apply; she said these are disclosure-oriented, not changes in accounting methods.
Committee members thanked staff for their work on the audit and asked staff to provide a calculation clarifying how the city measures its 35% reserves target (numerator and denominator). Staff agreed to provide that clarification outside the meeting.
The committee did not take formal action on the audit at the meeting; the presentation will be part of ongoing budget and oversight discussions.
