Baltimore, MD — On Wednesday, September 17, 2025, at 5:30 p.m., the Baltimore City Council will convene as the Committee of the Whole to review the City’s Annual Comprehensive Financial Report (ACFR) and Single Audit for Fiscal Year 2024. The ACFR and Single Audit are audited independent financial reports that detail Baltimore’s fiscal health. For five consecutive years, the City has failed to meet State and Federal filing deadlines for these reports. These delays have hindered the City Council’s ability to take into account a comprehensive picture of the City’s finances when considering the budget for the next year.
The FY24 Single Audit also identified six material weaknesses, the most severe type of audit finding. Several of these weaknesses have recurred for many years. In plain terms, these weaknesses are serious problems that could impede the City’s ability to track and account for funds accurately and prevent fraud. This year’s findings included deficiencies in cash and cash equivalents, water and wastewater billing, financial reporting, grant accounting, fixed asset accounting, and information technology security.
Statement from Council President Zeke Cohen:
"Today, the City Council will convene as a Committee of the Whole to examine the City’s annual financial report and audit. Timely completion of these independent reports is essential to ensuring that we understand Baltimore's financial health. However, these reports have been delayed for years, and the audit has repeatedly found weaknesses in our financial accounting and internal controls.
Baltimoreans deserve transparency, accountability, and a government that manages their tax dollars responsibly. By holding this hearing, the Council is making it clear: delays in financial reporting are unacceptable and our financial control deficiencies need to be resolved. We are committed to ensuring our fiscal house is in order so that we can better serve the people of this City."
Statement from City Comptroller Bill Henry:
"As Baltimore's Comptroller, I fully support the City Council's Committee of the Whole for convening this crucial hearing on the Annual Comprehensive Financial Report and the Single Audit. Completing these reports on time is not only a legal requirement –it is essential to maintaining public trust and protecting our City from financial mismanagement.
In the financial sector, a material weakness represents a serious issue, as it can result in significant misstatements in financial reports, making them unreliable. The FY2024 audits identified six material weaknesses in how we handle and secure our financial accounting. Even more concerning, five of those weaknesses were recurring, meaning they'd been identified in previous audits.
Eliminating those weaknesses must be a top priority. I applaud the Council for asking the right questions and steering Baltimore toward greater accountability and world-class fiscal stewardship."
Who: Council President Zeke Cohen, Members of the Baltimore City Council, Department of Finance, Department of Audits, and SB & Company (independent auditor)
What: Committee of the Whole hearing on Baltimore’s Annual Comprehensive Financial Report (ACFR) and Single Audit
When: Wednesday, September 17, 2025, at 5:30 p.m.
Where: Baltimore City Hall, 100 Holliday Street, Du Burns Council Chamber, 4th Floor
A livestream of the hearing will be provided on CharmTV and WebEx. Members of the press wishing to attend should arrive at least 15 minutes prior to the start of the hearing.
For more information, please contact: Tijani Harris
760-889-0058 Tijani.Harris@baltimorecity.gov