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Lighthouse Point commission accepts clean audit, reviews fund balances and a restatement
Summary
The City Commission accepted the annual comprehensive financial report for fiscal year 2023–24 after auditors issued an unmodified opinion and explained a restatement tied to new GASB guidance; the report shows positive changes to net position and a growing general fund balance.
The Lighthouse Point City Commission voted to accept the annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, after auditors presented the findings and responded to commissioners' questions.
Audit partner "Sardu Martellus" of Citrin Cooperman told the commission, "We issued an unmodified opinion, which is the highest level of assurance that we can provide." He also noted a reporting change: several fiduciary funds were recharacterized under new GASB guidance and the beginning fiduciary fund balances were restated accordingly. Finance Director Corey Lamphere introduced the auditors and explained the report is required by state statute and the Florida Auditor General rules.
The auditors highlighted government-wide figures: total assets of $67,300,000 and total liabilities of $38,000,000, and said the city's net position improved by about $2,600,000 for the year. On the modified-accrual (governmental) basis, the general fund ended the year with a $9,300,000 fund balance after a $1,500,000 positive change.
Commissioners asked for clarification on the magnitude and nature of corrected misstatements. The audit team said misstatements were identified and corrected in the audit process and pointed to a restatement stemming from GASB 97 as the primary reporting adjustment, not an operational accounting failure. After discussion and questions, a commissioner moved to accept the report and the motion passed.
The commission will post the full report online and staff said they would provide the audit entries and representation letter to commissioners on request. The acceptance puts the city's financial statements on the record and signals the auditors found the numbers reasonably stated for public purposes.
