HomeMy WebLinkAbout022726 City Successfully Completed 2024 Financial and Accountability Audit
FOR IMMEDIATE RELEASE CONTACT:
Friday, February 27, 2026 Jodi Adams, Director of Finance and
Technology Services
jadams@cityofpt.us, (360) 379-4403
CITY SUCCESSFULLY COMPLETED 2024 FINANCIAL AND ACCOUNTABILITY AUDIT
Audit included local, state, .
PORT TOWNSEND The City of Port Townsend Finance Department announces the results of its Annual
Fiscal Year 2024 Audit from February 5, 2026. The audit concluded that City operations, in all material
respects, were in full compliance with applicable state requirements and established internal policies.
Independent audits promote accountability and
transparency, ensuring that the public can have confidence that taxpayer resources are managed
responsibly and in accordance with the law.
commitment to maintaining a strong internal control environment and upholding the integrity of the
"These results reflect the diligent efforts of City personnel
across all levels of the organization," stated Jodi Adams, Director of Finance and Technology Services.
"Engaged and dedicated staff are essential to maintaining strong internal controls and a sound financial
system."
Key Reviews from the FY24 Accountability Audit:
Accounts payable Ensures expenditures are properly authorized, supported by adequate
documentation, accurately coded, and paid in accordance with established policies.
Payroll Examination processes verifies compensation, overtime, and benefit deductions are
accurate, authorized, and compliant with employment agreements, personnel policies, and
applicable laws.
Open public meetings Evaluation includes review of compliance with meeting notice
requirements, agenda procedures, preparation and approval of minutes, and lawful use of
executive sessions, ensuring actions are taken in open session as required.
Financial condition Review of financial position, including fund balances, revenue and
expenditure trends, cash flow, debt, and reserves, to identify potential risks and assess long-
term financial stability.
Procurement Assessment of purchasing practices for compliance with competitive bidding
requirements, statutory thresholds, and internal policies.
examined this agreement, along with other selected public works contracts, and concluded that the City
complied with all applicable state procurement requirements.
The City is committed to continuous improvement in its internal control policies. In 2025 the City
implemented new financial policies as enhancements to internal control processes, including:
Interfund Loan Policy This allows for the issuance of interfund loans, with Council
approval. Interfund loans are a useful tool to manage cash between City funds, allowing the
C
Vendor Payments This policy ensures timely, accurate, and secure vendor payments while
safeguarding City resources and strengthening internal controls.
Annual audits and favorable outcomes provide assurance to the residents of Port Townsend, agency
partners, and other stakeholders that there is oversight, effectiveness, and continuous improvement in
the Cfinancial controls.
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Learn about and find audit reports on the Washington State Auditors website:
https://sao.wa.gov/reports-data/audit-reports