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City auditor reports unmodified opinions; audit finds material weakness in year-end close
Summary
Auditor CliftonLarsonAllen delivered Placentia's annual comprehensive financial report and single-audit results for year ending 06/30/2024, reporting unmodified opinions on financial statements and federal programs but identifying a material weakness related to financial close and corrected misstatements.
CliftonLarsonAllen presented the City of Placentia's Annual Comprehensive Financial Report (ACFR) and the single audit for the year ending June 30, 2024. Auditor Bob Callanan reported unmodified (clean) opinions on the government-wide financial statements and on tested major federal programs. The auditor identified a material weakness in the financial close and reporting process that led to several corrected misstatements during the audit and recommended enhancing cut-off and reconciliation procedures.
Key figures presented: government-wide net position of $88.5 million (an increase of about $1.6 million from the prior year), capital assets increased by $22.3 million, the general fund ending fund balance was $18.3 million (a decrease of 8.3% from the prior year), net pension liability increased, and net OPEB liability decreased by $4.3 million. The auditor said intergovernmental and ARPA-related timing affected unearned revenue balances. Council received and filed the ACFR and single audit; votes recorded show the items received and filed (3 yes, 2 not voting).
