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Torrington Council accepts FY 2024 audited financial statements; auditor reports no material findings
Summary
The Torrington City Council voted unanimously to accept the city’s fiscal year 2024 audited financial statements after a presentation from auditor Paul Still of Leo Riley & Company, who reported no material adjustments and explained ARPA pushed the city over the federal single-audit threshold.
The Torrington City Council voted to accept the city’s audited financial statements for fiscal year 2024 after a presentation by Paul Still of Leo Riley & Company.
The auditor told the council he had found no “material adjustments, any disagreements, any problems with doing my audit, which we had none,” and reviewed the components of the financial statements, including government‑wide statements, fund statements and notes. Still explained the audit included an assessment of internal controls and compliance and that the city had used a streamlined federal audit approach because American Rescue Plan Act (ARPA) funds pushed the city’s federal expenditures over the $750,000 threshold.
The audit highlighted the sewer construction project as the major change from the prior year. Still pointed to construction‑in‑progress in the utilities fund of about $3.3 million that will be capitalized and depreciated when projects are completed. He also described how pension liabilities from the Wyoming Retirement System (WRS) are allocated into the city’s financial statements, noting WRS’s funded ratio and that contribution rates are set by state statute.
Mayor Herb Dobie called attention during the consent/approval discussion to a recent newspaper item that he said misreported council action on a separate Baylor project; he directed council and the public to the minutes for the accurate accounting of project costs. The council then accepted the audit by voice vote after a motion from Councilman Diehl and a second from Councilman Kelly.
The audit packet includes the auditor’s opinion and a compliance/internal control report; Still described procedures used, including testing disbursements, payroll and utility billing, confirmation of bank balances and review of state payments. He also said the city’s small, centralized operations reduce some control risks while noting remote collections carry higher risk in certain functions.
The council’s acceptance of the audited statements completes a statutory step in municipal financial oversight and makes the statements available as the city advances budget and capital planning tied to ongoing projects such as the sewer work identified in the audit.
The council recorded the acceptance by voice vote; no roll‑call tally was recorded in the meeting transcript.
