Review of City of Dubuque’s Fiscal Year 2024 Financial Statements Returns “Clean” Audit

As required by state law, independent certified public accountants not affiliated with the City of Dubuque recently conducted an audit of the City's Fiscal Year (FY) 2024 financial statements. They then submitted the audit with an "Unmodified Opinion," which is commonly referred to as a "clean" audit.

The State of Iowa's Municipal Oversight Law requires cities to have a financial audit performed each year. The audit can be conducted by independent certified public accountants (CPAs) or the State Auditor's Office. The audit includes a full examination of the City's financial records and is conducted in accordance with generally accepted auditing standards.

After reviewing the financial statements, auditors respond with one of four types of opinion:

• Unmodified opinion: A so-called "clean" opinion indicating the statements fairly present the City's financial position.
• Modified opinion: Similar to an unmodified opinion, but with certain exceptions.
• Adverse opinion: States that financial statements do not accurately reflect the City's financial position.
• Disclaimer of opinion: The auditor cannot form an opinion because financial records are incomplete or the scope of the audit is too restrictive.

The results of the FY2024 audit were presented to the Dubuque City Council at its meeting on Monday, April 21. The audit report is available on the City website at www.cityofdubuque.org/2024acfr. The April 21 presentation to city council can be viewed at https://youtu.be/4-79SK-bY2M?t=9360