Cedar Falls treasurer presents FY2025 financial report; auditors issue clean opinion, no council action tonight

Cedar Falls — City Treasurer Lisa Rolling presented the Fiscal Year 2025 Annual Comprehensive Financial Report to the Cedar Falls City Council Committee of the Whole on Monday, saying auditors issued an "unmodified clean opinion" and that single-audit materials tied to federal expenditures over the $750,000 threshold will be provided later.

Rolling said the report, prepared under generally accepted accounting principles, is intended to give residents, elected officials, management, bondholders and rating agencies a clear picture of the city’s financial condition. "The auditors did issue an unmodified clean opinion," she said, describing that as the highest level of assurance that the city's financial statements are presented fairly in all material respects.

The finance team spent roughly 800 hours preparing the document, Rolling said, and she named preparers including Director Rodenback and accountants Paul Coakler and Stacy Braun Wagner, who attended the meeting. The report is organized into three sections: an introductory section (transmittal letter, organizational chart), a financial section (auditor's opinion, management discussion and analysis, financial statements and notes) and a statistical section with multi-year financial and demographic data.

Rolling told the committee that auditors from Eide Bailey conducted preliminary field work in July and returned in September for final field work. She also noted that the schedule of federal expenditures and related single-audit components were not included in the packet because the Office of Management and Budget's 2025 compliance supplement had not been finalized; those single-audit items, which apply when federal expenditures exceed $750,000, will be provided at a later date.

The treasurer said the report earned the Government Finance Officers Association (GFOA) certificate of achievement for excellence in financial reporting and that the city submitted a shorter "popular" annual financial report that also received recognition. Rolling said the FY2025 report will be submitted to GFOA and the state auditor's office and posted to the city's website. "There is no council action tonight for this report," Rolling said; the document will appear later on the consent calendar for formal acceptance.

Council members and the mayor thanked finance staff for the work and for making the material more accessible to the public. The committee adjourned following a recorded motion and second; the mayor said the regular city council meeting is scheduled to begin at 7:00 p.m.

Notes: Quotes and attributions are taken from the meeting transcript. Numeric and timeline details reflect statements by staff in the record; where the transcript was unclear about a specific numeric count of years for an award, the article omits that uncertain number rather than repeat a potentially garbled figure.