Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council presses staff after 2024 audit remains incomplete and S&P places city on notice
Summary
Council members learned the 2024 audit had not been completed; staff said S&P Global dropped the city from active rating consideration pending up‑to‑date audits. Council asked the manager for a written report, supporting documentation, and a timeline for completing audits and restoring rating standing.
Council raised urgent questions on May 4 after Interim Finance Director Miss Cartwright confirmed the city’s 2024 financial audit had not been completed.
City Manager Redmond Jones and Miss Cartwright told council that S&P Global had removed the city from active rating consideration because auditors lacked timely audit reports. Jones said S&P would revisit East Point once required audit materials were current. Staff explained that audit sampling can expand the work and extend timelines when auditors need historical documentation; the city’s prior audit filings have trailed in recent years.
Dr. Martin Rogers asked for immediate documentation and an explanation of how the audit delay affects credit standing and the city’s ability to pursue bond financing. Council passed a substitute motion directing the city manager to provide a comprehensive report, with supporting documents, that outlines audit history, recommended steps and budget resources to complete audits, and the practical impacts on financing and grants. The report was requested for the council meeting on May 18.
"We need supporting documentation from S&P and a full report on what it takes to bring our audits current," Dr. Rogers said. City staff committed to delivering a written update and to pressing auditors for timelines.
Staff warned that missing audits primarily constrain large bond financings; smaller capital purchases are less likely to be immediately affected, but the absence of current audits hampers lenders’ and rating agencies’ ability to assess the city.
