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Independent audit gives Pekin a clean opinion for fiscal 2024, auditors commend finance team
Summary
An independent audit for fiscal year ending April 30, 2024, issued a clean (unmodified) opinion and reported governmental fund balances of about $47 million and a roughly $13 million increase; auditors flagged no disagreements and noted progress on internal controls and future GASB changes.
Jen Martinson, a partner with accounting firm Lauterbach & Amen, presented the city udit for the fiscal year ended April 30, 2024, telling the Pekin City Council the independent review resulted in a clean (unmodified) opinion. "That really is the highest level of assurance we can provide on the financial statements," Martinson said.
Martinson highlighted the management's discussion and analysis (MD&A) as the best starting point for council members and noted governmental fund balances increased by just over $13 million to about $47 million, with a portion in the city—irst operating funds. She said the audit included testing procedures and an internal control review and that auditors found no difficulties or disagreements with management.
The audit package includes a management letter that communicates recommendations and upcoming Governmental Accounting Standards Board (GASB) pronouncements. Martinson said the management letter contained no new recommendations beyond the expected GASB changes, and that management had provided detailed responses and implementation status updates for prior comments.
Council members and staff praised the finance team for timeliness and progress. A council member noted the finance director, Eric, had met prior target dates; Eric said field work for fiscal year 2025 has started and the team is targeting an October–November timeframe for delivery. Martinson and staff agreed to continue working through upcoming GASB requirements and to monitor implementation progress.
The presentation closed with Martinson offering to answer follow-up questions and encouraging council to review the MD&A and budgetary comparison schedules in the audit report for more context about revenue and expenditure changes. The audit materials were placed on file as part of the meeting record.
