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City of South Miami receives clean audit and reports $12.6M unassigned general fund balance
Summary
Auditors gave the City of South Miami an unmodified (clean) opinion for fiscal year 2024; auditors reported approximately $12.6 million in unassigned general fund balance and higher-than-expected revenues (~$28.5M actual vs $24.6M final budget).
Caballero Fairman & Garcia presented the city's annual comprehensive financial report for the fiscal year ending Sept. 30, 2024, and issued an unmodified (clean) audit opinion. Andrew Fairman, partner in charge of the audit, told the commission there were no material weaknesses or significant deficiencies in internal control and no grant noncompliance identified.
Fairman highlighted several figures in the report: the city's unassigned general fund balance was about $12,600,000 as of Sept. 30, 2024, total revenues for the general fund were approximately $28,500,000 (about $4 million higher than the final budget of $24,600,000), and total expenditures showed a favorable variance. "In our opinion, the financial statements referred to above present fairly . . . the financial position of the city as of 09/30/2024," Fairman said. He thanked city staff for cooperation during the audit and noted the ACFR will be submitted for a Certificate of Achievement for Excellence in Financial Reporting.
