BEAUFORT, S.C. (Jan. 11, 2024) – 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. 9, David Irwin, CPA, a partner at Mauldin & Jenkins, reviewed the audit with City Council. The audit was performed for the fiscal year 2023, which ended on June 30, 2023. 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 2023, at just under $12 million.
“Given the professionalism of our finance team and their commitment to being responsible stewards of public dollars, I am not surprised by this spotless audit report,” City Manager Scott Marshall said.
At the same meeting, Finance Director Alan Eisenman presented the City’s Annual Comprehensive Financial Report (ACFR), also ending June 30, 2023. 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 16th year in a row for last year’s report.
“Your staff does a great job putting the ACFR together, and you should be proud of them,” Irwin told City Council.
2023 Annual Comprehensive Financial Report
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