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City audit: unmodified opinion for FY2023, one significant deficiency on reconciliations and a recommended budget amendment
Summary
External auditors issued an unmodified opinion on the City of New Smyrna Beach's FY2023 financial statements, reported one significant deficiency related to unreconciled account balances, and recommended a budget modification to address a roughly $50,000 overspend in debt‑service interest.
James Halloran of James Moore & Company presented the annual comprehensive financial report for the year ended Sept. 30, 2023. The audit resulted in an unmodified opinion on the city's financial statements and no findings on the firms single‑audit work over federal and state programs.
Halloran reported 1 significant deficiency in internal control related to reconciling account balances and one additional recommendation related to the debt‑service fund being overspent by approximately $50,000 attributable to interest. He reminded the commission that Florida statute gives the city 60 days after year‑end to amend the budget, and staff will file a budget modification by Nov. 30 to address the debt‑service overspend.
The auditor also noted that the city remains in compliance with state investment statutes and that the general fund unassigned balance and fund balance policy targets remain in acceptable ranges compared with GFOA guidance.
