BEAUFORT, S.C. (Jan. 31, 2025) – The City of Beaufort has received a clean bill of financial health from accounting firm Mauldin & Jenkins, which performs an annual financial and compliance audit for the City.
At Work Session on Jan. 14, David Irwin, CPA, a partner at Mauldin & Jenkins, reviewed the audit with City Council. The audit was performed for the fiscal year 2024, which ended on June 30, 2024. The audit opinion said that the City met the “highest level of assurance” and that all financial statements were fairly presented in accordance with Generally Accepted Accounting Principles. The audit included two compliance reports, with no weaknesses or deficiencies found, Irwin said.
He commended the City of Beaufort for the continued increase in its General Fund Balance (reserves) from 2020, at $8 million, to 2024 at $14.6 million.
“A clean audit report underscores the city’s strong financial management practices. It reflects our commitment to responsibly managing public funds and serves as a tangible affirmation of our success in achieving this goal,” City Manager Scott Marshall said.
“The City of Beaufort is proud to receive another clean opinion for our fiscal year 2024 financial and compliance audit,” said Finance Director Alan Eisenman.
At the same meeting, Finance Director Alan Eisenman presented the City’s Annual Comprehensive Financial Report (ACFR), also ending June 30, 2024. This report goes above and beyond basic reporting requirements. It is submitted annually to the Government Finance Officers Association. The City was awarded a Certificate of Achievement for Excellence in Financial Reporting for the 17th year in a row for last year’s report.
The Fiscal Year 2024 ACFR is available on the City’s website.
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