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Council president reports adverse audit opinion remains; city working to finalize single audit
Summary
The council president told members the FY2023 draft financial statements and single-audit were issued May 1 with an adverse opinion because certain funds were excluded; the city has filed corrective actions and awaits legal review before finalizing the single audit and is seeking a new audit firm to accelerate future work.
At the opening of the June 2 meeting the council president updated members on municipal audit work. The FY2023 financial statements and single-audit draft were issued on May 1, 2026, and "the audit opinion remains adverse," the president said, attributing the opinion to the exclusion of the general and enterprise water and library funds.
The city has been meeting weekly with finance staff, the mayor, outside auditors and the state to address concerns. The president said the city has submitted required deliverables — including a corrective-action plan — and is awaiting an updated written response from the city solicitor before finalizing the single audit and submitting it to the federal audit clearinghouse.
Preparations for FY2024 and FY2025 audits have started, the president said, and the city is actively seeking a new audit firm to expedite future work and improve timeliness. Councilors were told that bank-to-cashbook reconciliations for FY23 and FY24 are underway or complete and that the remaining GL reconciliations were expected to be finished within a week or so.
The president pledged to post more detailed memos from state oversight staff and to keep the council informed as the audit progresses.
