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Independent auditors give Edgewater an unmodified opinion for FY2024; FEMA, ARPA and stormwater needs highlighted
Summary
James Moore & Company presented the fiscal year 2024 comprehensive annual financial report, reporting an unmodified opinion, no material weaknesses, about $2.0 million in FEMA expenditures and ARPA transfers used for capital work; staff and auditors stressed ongoing stormwater needs and a loan authority related to a Public Works Complex.
James Halloran of James Moore & Company presented the independent audit for the year ended Sept. 30, 2024, telling council the firm issued an unmodified report on Edgewater's financial statements and found no material weaknesses in internal control. "The unmodified report on the financial statements, it's the best opinion we can give as independent certified public accountants, states that your financial statements present fairly in all material specs, your financial position and results of operations for this year ended, 09/30/2024," Halloran said.
Halloran outlined major program and fund highlights: roughly $2,000,000 in FEMA expenditures (about $2,400,000 in total federal awards), a $4,400,000 increase in revenues and a similar increase in expenses tied to public safety and other services, and an ARPA transfer of $3,000,000 into the internal service fund to support the Public Works Complex. He also noted a loan authority of up to $20,000,000 available for the Public Works Complex that had not been heavily drawn during the audited year. Council members asked for the City Hall lease and for follow-up materials on stormwater planning and the CIP schedule.
