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Ladue receives clean 2023 audit; pension fund values rose sharply in 2023
Summary
Auditors gave Ladue a clean, unmodified opinion on the 2023 financial statements; actuarial presenters reported the Fire & Police plan market value rose to $45.84 million with a net market return of 12.4% and a funded ratio of 98.2%, while the Non‑Uniform plan rose to $6.64 million with a funded ratio of 90%.
City auditors Botz, Deal & Company presented the City of Ladue’s 2023 audited financial statements and management letter and issued a clean, unmodified opinion on the financial statements, the auditors told the council on July 15.
Michelle Graham of Botz, Deal & Company said the audit identified four minor adjustments related to bank reconciliations that city staff is addressing. She noted the formal report presented to the council was later than usual but that a preliminary version had been sent to the State of Missouri to preserve compliance.
Separately, actuary Bill Winningham of Milliman reported valuations as of Jan. 1, 2024, for the Firemen’s and Policemen’s Pension Plan. He said the plan’s unaudited market value of assets increased from $41.36 million to $45.84 million, a net market rate of return of 12.4% (exceeding the assumed 6.75%), producing an actuarial rate of return of about 8% and a funded ratio for the Uniform Plan of 98.2%.
For the Non‑Uniform Retirement Plan, Winningham reported the unaudited market value rose from $5.99 million to $6.64 million with a net market return of 12.4% and an actuarial return near 7.9%; the ARC for 2024 increased due to personnel changes and salary increases, and the funded ratio stands at 90%.
Mayor Spewak recognized administration, finance staff and department directors for their work on the successful audit. The council ordered the financial report filed for information.
