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Independent audit gives The Colony an unmodified opinion, flags prior‑year restatements
Summary
New auditor Eide Bailey issued an unmodified opinion on the City of The Colony’s fiscal year 2024 financial statements, reported restatements to prior‑year capital assets and other balances, and found no federal‑grant compliance issues in the single audit for SLFRF funds.
The city’s new auditing firm, Eide Bailey, issued an unmodified audit opinion on The Colony’s financial statements for the fiscal year ended Sept. 30, 2024, while reporting restatements to a small number of prior‑year balances and recommending strengthened reconciliation procedures.
Kevin Randolph, the firm’s engagement partner, told the council the audit produced an unmodified opinion — the standard “clean” opinion under generally accepted accounting principles — but that auditors identified prior‑year errors that required restatement. The restatements corrected capital asset records (including previously unrecorded or misstated capital assets), a roughly $137,000…
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