Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Southwest Ranches accepts FY2024 financial report after clean audit
Summary
Council accepted the town's fiscal year 2024 annual comprehensive financial report after auditors delivered a clean opinion, noting a rise in reserves, lower debt and no internal-control deficiencies; staff highlighted the town's first required single audit after exceeding the $750,000 federal/state threshold.
The Town Council of the Town of Southwest Ranches on a unanimous vote accepted the fiscal year 2024 Annual Comprehensive Financial Report following a presentation by town finance staff and external auditors.
"After conducting our audit in accordance with government auditing standards, we are not aware of any material misstatements within these financial statements," said Step Emery, partner at Citen Cooperman, delivering the auditors' report and calling it a "clean report." Emery said the firm found no internal control deficiencies, no noncompliance with grant agreements, and no adjusting journal entries were required.
A town finance staff member reported that the town's unassigned fund balance rose from $6.6 million the prior year to $8.1 million, driven by higher ad valorem taxes, roughly $500,000 in increased charges for services, and an increase in investment revenue of about $526,000. The town's outstanding debt was described as having been reduced by about $692,000 to approximately $6.8 million.
Council members and staff framed the results as evidence of stronger fiscal position. "I couldn't have asked for a better report," one council member said during discussion, thanking Emil and the finance team for their work. Emery said the report included three separate audit reports including the independent auditors' report, the government auditing standards report and the single-audit report required when federal or state funds expended exceed $750,000; each, he said, was clean.
Emery noted this was the town's first single audit and described it as a positive milestone indicating the town is now receiving and expending state and federal funds. He also said that, unlike many audits, the firm did not propose any adjusting journal entries, which he described as "very rare" and a sign that the town's financial reporting during the year was materially accurate.
The council did not raise outstanding concerns and accepted the report as presented. The council moved on to other agenda items after a short question-and-answer interval.
The auditors and finance staff said the town expects to undergo another single-audit cycle next year because additional federal funds (ARPA) are scheduled to be allocated for the current fiscal year.
