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Independent auditor issues clean opinion for Town of Moraga fiscal 2024-25
Summary
Mays & Associates gave the Town of Moraga an unmodified (clean) audit opinion for the fiscal year ended June 30, 2025, found no issues with the appropriations calculation noted in the report, and said a single-audit compliance review will follow if federal spending exceeds $750,000.
David Alvey, audit partner with Mays & Associates, told the Town of Moraga Audit & Finance Committee on Dec. 2 that the firm—s audit of the financial statements for the year ending June 30, 2025, resulted in an unmodified (clean) opinion. "That is an unmodified or clean audit opinion," Alvey said, congratulating staff and noting the level of assurance represented by that opinion.
Alvey said the firm reviewed the town—s compliance with appropriation-limit calculations (referred to in the transcript as the "GAM limit") and had no findings on that agreed-upon procedure. He also said the firm will perform a separate single-audit compliance review in about a month if the town spends more than $750,000 in federal funds: "If the town spends more than $750,000 in federal funds, that requires us to come out and do a compliance audit." The single-audit compliance review carries different testing requirements than the financial-statement audit.
Alvey described the components of the town—s Annual Comprehensive Financial Report (ACFR), noted the town produces supplemental information the basic statements do not require, and said the finalized ACFR will be submitted to the Government Finance Officers Association (GFOA) for the Certificate of Achievement in Financial Reporting. He also summarized recent Governmental Accounting Standards Board guidance changes: GASB 101 (compensated-absence accounting and footnote presentation) and GASB 102 (expanded disclosures about concentrations and constraints) and explained how those pronouncements affect the town—s footnotes and disclosures going forward.
Next steps: the town will finalize the ACFR and submit it to GFOA; staff and auditors will complete single-audit compliance work if federal spending triggers that review.
(Quotes and explanations in this article are attributed only to speakers who are explicitly named in the transcript.)
