· Precursor
FY2024 annual audit issued; prior period adjustment for completed CIP projects not depreciated
CMMS CPAs & Advisors PLLC's report on the fiscal 2024 statements, dated March 25, 2025, states an unmodified opinion. Note 1 records prior period adjustments of $3,252,499 (governmental) and $227,482 (business-type) because certain construction-in-progress projects had been placed in service without depreciation being started, plus $359,828 for GASB 96 and GASB 87 items.[1]
What the sources say
- ✓ Verified
The fiscal 2024 ACFR states that during 2024 it was determined that certain construction-in-progress (CIP) projects had been placed in service but depreciation had not been started, resulting in prior period adjustments of $3,252,499 for governmental activities and $227,482 for business-type activities; a separate $359,828 adjustment related to GASB 96 ($52,071) and GASB 87 ($307,756) in the Information Services internal service fund.[1]
- Governmental adjustment
- $3,252,499
- Business type adjustment
- $227,482
- Gasb96 87 adjustment
- $359,828
- ✓ Verified
The fiscal 2024 independent auditor's report, on CMMS CPAs & Advisors PLLC letterhead and dated March 25, 2025, states an unmodified opinion.[1]