The City of Palm Coast completed its annual audit for the fiscal year that ended on September 30, 2024, conducted by James Moore & Co., P.L. The audit report was prepared and presented by Brendan McKitrick from James Moore & Co., P.L., to the Palm Coast City Council at the March 18, 2025, City Council business meeting.
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.
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. See the full video presentation below:
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-three 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, 2023, and expects to do the same for the fiscal year 2024 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 eleven years and the GFOA Distinguished Budget Presentation Award for twenty-one consecutive years.
Additionally, the City of Palm Coast maintains a 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
JimboXYZ says
“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.”
Yet we have an approval for a 3/5-4 year plan for $ 512 Million for STF’s & every project that had a grant being so grossly underfunded & eventually cut of material funding amounts, so much that “MATERIAL” debt & inflationary increases for taxes/fees & usage rates will result from a growth plan that is unsound financial management practices. This is like the CPA firm that audits a corporation as compliant, after being paid by that corporation, that ends up deeper in debt & bankrupt. It’s an empty, hollow document to allow to incur deeper debt for the fiscal incompetence of the local government. At least it’s comforting to know that nobody in the City of Palm Coast Government is funding gender reassignment procedures & surgeries in Burma like USAID did ?
I can’t imagine getting an award for excellence after wasteful spending on Splash Pad & Pickleball, every litigation that added no value to the wasteful spending. How does a local government (county & city) get involved for buying moldy buildings to sell at a loss & expense to taxpayers get this award of excellence. There’s more, remember the $ 3/4 million dollar payment that was never recovered, wasn’t an insured transaction ? Sound financial management, eh ? It’s staggering to see how the City approved growth over the last 3.5-4 years, we’ll all be paying for this level of excellence for the rest of our lives. The last 4 years at least were a series of these empty/hollow audit reports that allow us to continue to borrow money to fund projects that are going to take years to complete to end up with a bigger mess than what we see going on county wide.