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Carson City CTA receives unqualified FY2025 audit; board approves financial statements
Summary
Auditors delivered an unqualified (clean) opinion on the Carson City Culture & Tourism Authority’s FY2025 financial statements; the board unanimously approved the audit report after staff highlighted increased assets, net position growth and an advance grant for a cultural-corridor project.
The Carson City Culture & Tourism Authority board voted Nov. 10 to accept the authority’s fiscal year 2025 audit and financial statements after auditors reported a clean, unqualified opinion.
Suzanne Olsen, introduced to the board by KC Neland of KC Neland, told members the audit found total assets and deferred outflows increased from $4,800,000 to $6,100,000 as of June 30, 2025, while total liabilities and deferred inflows rose from $2,300,000 to $2,900,000. "We did have an unqualified audit opinion," Olsen said, calling it the highest level of assurance an auditor can provide.
Olsen and staff noted the authority received $315,675 in advance grant funds for the Cultural Corridor project; $237,000 of that remained unspent at the fiscal-year end and was reported as deferred revenue. Operating grants and contributions rose from about $146,000 to $188,000 year over year, and total revenue increased from roughly $3.1 million to $3.4 million. Total expenses increased modestly, and the authority’s net position rose from about $2.5 million to $3.2 million.
The auditors flagged two recently implemented Governmental Accounting Standards Board pronouncements (GASB 101 and 102). GASB 101 required a restatement related to compensated absences, while GASB 102 disclosures were noted without material impact to the authority. Auditors also flagged pension and OPEB assumptions as sensitive estimates but said they found no audit findings or issues during the engagement.
A motion to approve the audit and financial statements was made and seconded by the board and carried with an "aye" vote and no opposition. The board received the documents and asked no follow-up questions at the meeting; staff indicated any journal entries and proposed adjustments are detailed in the audited financial statements.
The board’s approval makes the FY2025 audited financial statements the official fiscal record for the authority and allows staff to move forward with any bookkeeping entries and reporting tied to those results.
