City auditors issue unmodified opinion; council accepts 2024 financial report

Stacy Hammond of BT and Co. told the Mission City Council the firm issued an unmodified audit opinion for the city’s 2024 financial statements and found no material weaknesses in internal controls. “In audit land, boring is good,” Hammond said as she summarized the results and walked council through required communications and accounting-policy changes, including adoption of GASB Statement No. 101 on compensated absences.

Deputy City Administrator Justin Carroll told the council the audit packet and a separate report to the mayor and council were provided in advance and are part of the record. Carroll noted the audit met the Government Finance Officers Association timing requirement for GFOA submission: “We did hit the normal deadline for it to be finalized as June 30,” he said. After a brief opportunity for questions and no public comment, a motion to accept the audited financial statements for the year ending Dec. 31, 2024, carried on a roll-call vote.

The audit report highlighted that most journal adjustments converted the city’s cash-basis software reporting into the modified-accrual and full-accrual presentations required by the audit. Auditors also reviewed significant accounting estimates (noted on pages 6–7 of the report) and reported they found the city’s processes for measuring those estimates to be reasonable. The council’s formal acceptance of the ACFR was the final step taken at this meeting; the city also confirmed its current bond rating as “AA+.”