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Brisbane accepts FY23–24 audits; auditors issue clean opinion, single audit finds no compliance issues
Summary
Council accepted the FY23–24 comprehensive annual financial report and related reports. Auditors issued a clean opinion; a single audit covering federal grants produced no findings. Management acknowledged repeat internal‑control issues tied to audit timing and outlined steps to close out prior years.
The City Council accepted the fiscal year 2023–24 audit reports at its July 13 meeting after a presentation by finance staff and the city’s audit partner.
The outside auditors issued an unmodified (clean) opinion on the financial statements, reporting that they present fairly in all material respects. Staff highlighted an increase in general‑fund revenue driven by property and sales tax growth and one‑time grant revenues (including FEMA reimbursements); those factors more than offset expense variances, staff said.
The single audit, required because federal expenditures exceeded the threshold for the year, resulted in no compliance findings, auditors reported. The memorandum on internal control repeated prior‑year control observations tied to audit timing; management described corrective steps and committed to closing outstanding audit years.
Council members thanked staff and the audit partner for completing the reports and noted the city’s ongoing work to restore timely audit completion and a strong bond rating.
What’s next: management will continue to implement internal‑control remedies, finish the FY25 audit and pursue re‑establishing the city’s bond rating once audit backlogs are closed.
