City accepts FY2024 audited financial statements; auditors report clean opinion and healthy reserves

The commission accepted the city’s Fiscal Year 2024 Audited Comprehensive Financial Report (ACFR) on July 17 after a presentation from the independent auditor. Jeff Wolf, the city’s auditor, delivered the required communications and reported an unmodified opinion on the financial statements — the highest level of assurance. Wolf said auditors found no material weaknesses or reportable control deficiencies and no significant audit adjustments. He noted the city met single‑audit thresholds for federal and state grant work and that the single‑audit results were clean. Finance director Les Tyler summarized key fund‑level results: the general fund’s assigned and unassigned fund balance remains healthy (staff reported the city’s cumulative general fund balance as approximately 24% of expenditures with a target minimum of 15%); FY2024 showed a positive variance relative to the final budget driven in part by investment returns and Parks & Rec charges. The commission and auditor discussed reserve policy, storm recovery costs and the timing of audit delivery; the commission approved acceptance of the ACFR unanimously. Ending: Staff will publish the ACFR and proceed with any required state filings; commissioners thanked staff and the audit firm for a clean report.