Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Audit topic
No spam. Unsubscribe anytime.
Philomath council accepts 2024–25 audit with clean opinion; minor controls noted
Summary
City auditors issued an unmodified (clean) opinion on Philomath’s 2024–25 financial statements; auditors noted minor compliance items (budget schedule mismatches and bank reconciliation review) and a net pension liability increase tied to Oregon PERS.
Philomath’s City Council accepted the fiscal year 2024–25 financial and related reports after a presentation by the city’s auditor, Brad Bingenheimer of Senior Liwac, who said the audit issued an unmodified opinion and highlighted key financial changes.
Bingenheimer told council the government‑wide statements show lower total governmental assets compared with the prior year, an overall governmental net position decrease and an increase in business‑type net position. He noted a net pension liability of roughly $2.9 million attributable to the city’s participation in Oregon PERS, and he described the general fund balance as healthy at about $1.8 million (roughly 42% of general‑fund expenditures). He also reported the city expended roughly $995,000 in federal coronavirus state and local recovery funds during the audit period.
Auditors reported a clean opinion with two minor findings: some budget schedule actual amounts did not match supporting schedules (a reporting/format issue) and an internal control recommendation to separate preparation and review of bank reconciliations. Auditors offered to review the budget document before it goes to council to reduce future findings. Councilors asked clarifying questions about contribution rates to PERS and internal controls; staff indicated workload limits for reconciliations and plans to assign additional reviewer capacity.
The council moved to accept the audit and approved it unanimously.
