Palm Coast, FL – The City of Palm Coast completed its annual audit for the fiscal year that ended on September 30, 2023, conducted by James Moore & Co., P.L. The audit report was prepared and presented by Webb Shephard, CPA from James Moore & Co., P.L., to the Palm Coast City Council at the March 19, 2024, City Council business meeting.
The financial audit encompassed a thorough examination of all city funds, including a combination of high-level and detailed testing procedures. These procedures involved substantive testing at both transactional and higher levels, analytical procedures to assess changes and trends, risk assessments to identify areas requiring additional audit procedures, control walkthroughs evaluating significant transaction classes, and detailed control testing over various operational processes such as cash disbursements, payroll, and utility billing.
In addition, testing was performed on the journal entry process and approvals, as well as single audit testing on major grant expenditures and compliance requirements.
The financial audit did not reveal any material weaknesses in internal control or instances of noncompliance. All funds are in compliance or exceed the fund balance policy, reflecting the City’s commitment to sound financial management practices.
Moreover, the Government Finance Officers Association of the United States and Canada (GFOA) has recognized the City of Palm Coast for its excellence in financial reporting for twenty-two consecutive years. Palm Coast has been awarded the Certificate of Achievement for Excellence in Financial Reporting for its annual comprehensive financial report for the fiscal year that ended on September 30, 2022, and expects to do the same for the fiscal year 2023 report. This award recognizes the City’s commitment to producing an annual comprehensive financial report that adheres to both accounting principles and legal requirements.
Furthermore, Palm Coast has received the GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting for the past ten years and the GFOA Distinguished Budget Presentation Award for twenty consecutive years.
Additionally, the City of Palm Coast recently launched its Finance Transparency Dashboard, providing residents and stakeholders with a comprehensive view of the City’s financial landscape. This user-friendly platform enables users to explore various revenue streams, expenditures, and budget allocations. Featuring historical data from fiscal year 2021 to the present, the dashboard is updated weekly to ensure that the most current financial information is readily accessible to the public. The dashboard can be viewed here.
The City of Palm Coast remains dedicated to transparency, accountability, and excellence in financial management, and the successful completion of the annual financial audit process serves as a testament to the city’s ongoing commitment to fiscal responsibility. All financial reports and documents, including the current financial audit reports, are available on the city’s website: palmcoast.gov/finance/reports-and-documents
Stay informed with the latest news and information from the City of Palm Coast by following us on Facebook, Instagram, Twitter, YouTube, and LinkedIn. You can sign up for weekly updates by visiting www.palmcoastgov.com/government/city-manager/week-in-review.
