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City auditors report unmodified opinion for 2023, note two findings including federal single-audit work
Summary
Auditors from Malden & Jenkins told the council they issued an unmodified opinion on the city's 2023 financial statements and identified two reportable findings (a missed state deadline and material journal entries); auditors noted the city expended more than $750,000 in federal awards and performed a single-audit on ARPA funds.
Wade Sainsbury, a partner with Malden & Jenkins, presented the city's annual audit and said the firm issued an unmodified opinion on the financial statements for the year ended Sept. 30, 2023, the highest level of assurance an auditor can render. "In our opinion, the financial statements present fairly in all material respects the results of operations of the city as of the year ended," he said.
Sainsbury said auditors reported two findings in their management letter: (1) an instance of noncompliance related to a missed state deadline and (2) several large-dollar journal entries required to properly state the financial statements. He noted the city expended more than $750,000 in federal awards for the year and that about $1.67 million was total federal award spending; roughly $1.5 million of that related to ARPA funds, which required additional single-audit procedures.
Sainsbury also reviewed high-level metrics: the general fund balance (reported in the audit packet) and operating statistics such as per-resident spending and the city's debt per resident. He told the council the audit firm was independent and had no other matters noted in the management letter. He invited council and staff to contact the firm if they had follow-up questions.
Next steps: Staff and the audit firm will follow up on the two findings listed in the auditor's report and provide any required corrective action plans.
