The City Council of Sandpoint convened on March 19, 2025, to discuss the city’s audited financial statements for the fiscal year ending September 30, 2024. The meeting featured a presentation by Laura Parasite, a partner at the auditing firm Magnuson, McHugh, and Daughtry, who provided an overview of the audit results.

Finance Director Sarah Linz introduced the audit, noting that the city had engaged the firm to conduct the audit as required due to expenditures exceeding $250,000. Parasite reported that the audit resulted in an unmodified opinion, indicating that the financial statements fairly represent the city’s financial position. This opinion is the highest level of assurance an audit can provide.

Parasite highlighted key aspects of the financial statements, including the statement of net position, which details the city’s long-term assets and liabilities. She explained that the financial statements adhere to governmental accounting standards and include a breakdown of the city’s activities into governmental and business-type categories.

The presentation also covered the city’s cash flow statement, which showed a significant increase in cash flow for the year, indicating positive financial activity. Additionally, Parasite pointed out new disclosures related to an endowment established by the city, which were included in the financial notes.

The council members were encouraged to review the detailed financial statements available on the city’s website under the financial transparency section. The meeting concluded with an invitation for questions from the council and the public, emphasizing the importance of transparency and accountability in the city’s financial management.

Overall, the audit results reflect a stable financial position for the City of Sandpoint, with no significant deficiencies noted in internal controls, underscoring effective financial governance.