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Walled Lake auditors issue unmodified opinion; council approves filing of FY2025 financials
Summary
Independent auditors delivered an unmodified opinion on Walled Lake's FY2025 financial statements, noting a $1.1 million gain in the general fund and reductions in legacy retirement liabilities; the council voted to authorize timely filing with the state.
An independent auditor from Pfeiffer, Hanover & Palca told the Walled Lake City Council on Nov. 18 that the firm will issue an unmodified opinion on the city's FY2025 financial statements and recommended timely filing with the state of Michigan.
The auditor said the city increased its general fund balance by $1.1 million, a 24% rise that left the fund at about $5.8 million at year-end. He also highlighted reductions in legacy pension liabilities (from $7.2 million to about $6.5 million) and a retirement health-care liability that fell from roughly $1.3 million to about $1.1 million. The auditor noted the city currently has no outstanding bonds payable.
Following the presentation, a councilmember moved to approve Resolution 2025-30 directing and authorizing the independent auditors to file the FY2025 year-end financial statements with the state. The motion was seconded and, after a roll call, the chair announced the motion carried unanimously.
Councilmembers asked few technical questions during the presentation. The auditor said the unmodified opinion is the standard that state reviewers and potential bond underwriters expect and encouraged the council to approve the statement so the firm could submit the report on a timely basis.
The council did not discuss specific next steps for implementing recommendations from the audit during the meeting. The auditor left the floor open to members and staff for follow-up outside the session.
The council approved the filing motion before moving to subsequent agenda items.
