Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Mason auditor reports single-audit compliance; OPEB plan described as fully funded
Summary
Auditor Miss Barnes told the City of Mason council the 2024–25 single audit found no material weaknesses and that the city's OPEB plan was fully funded at the report snapshot; council voted 6-0 to receive the audit as a draft with the final to be posted later.
Miss Barnes, the external auditor, presented the City of Mason's 2024–25 annual audit and told council the city met single-audit requirements after recording more than $1,200,000 in federal expenditures for the year. "So as of this snapshot in time, that plan is considered fully funded," she said when describing the city's other post-employment benefits (OPEB) position. She reported roughly $2,000,000 in plan assets and about $1,800,000 in OPEB liability and characterized the position positively.
Barnes said auditors focused coverage on a congressionally mandated projects program that represented about $1,170,000, roughly 96% of the city's federal spending this year. "Within the single audit, we did not have any material weaknesses, significant deficiencies, or material noncompliance," she said, praising city staff for their documentation and adherence to rules.
On internal controls, Barnes said the audit found appropriate segregation of duties across receiving, disbursements, and payroll; there were no material weaknesses or written management comments in the auditor's report, though she noted a verbal discussion about potential updates to the city's credit card policy.
Barnes also called attention to the governance letter and upcoming accounting standard changes: the city implemented GASB 101 this year and the auditor flagged GASB 103 and 104 as likely to change presentation of water and sewer fund amounts and management's discussion and analysis in next year's statements.
City Manager (addressed in the meeting) told council staff intend to post the final audit as submitted and will notify council if there are no changes. Council voted 6-0 to receive the 2024–25 audit as a draft, with a final copy to be received at a future meeting.
Why it matters: The single-audit result and lack of material weaknesses support the city's financial standing for borrowing and grant compliance, and the governance-letter notes and upcoming GASB changes will affect next year's financial reporting.
Next steps: The manager said staff will post the final audit when available and notify council; council formally received the draft and will receive the final at a later meeting.
