Auditor presents 2024 financial report; regulatory-basis opinion unmodified under KMAG

Kayla Williams, audit principal with BT and Co., presented the city’s 2024 audited financial statements and a cover letter to the City Council at its Aug. 18, 2025, meeting. Williams said the audit was performed in accordance with applicable auditing standards and that BT and Co. issued an adverse opinion on the financial statements under U.S. Generally Accepted Accounting Principles because the city elected to report under the Kansas regulatory basis (KMAG). She added that the firm issued an unmodified opinion on the regulatory basis of accounting used by the city.

Williams told the council the audit identified a significant estimate prepared by an actuary and a related disclosure attachment; she said the estimate is not part of the city’s financial-statement line numbers but is considered significant under the audit methodology. She also said an audit adjustment provided by management was recorded and attached to the letter and that there were no uncorrected misstatements, no disagreements with management, and no significant difficulties encountered in the audit.

Williams reminded the council about independence rules (AICPA standards) and asked the city to notify auditors in advance of any transactions that might impair independence. She also said a management-representation letter was attached to the audit materials and thanked city staff for their cooperation.

City officials asked no substantive questions during the presentation. Dan Porter, who introduced the item, and council members expressed appreciation for the audit work; Williams offered to answer follow-up questions via email or phone.