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SPSA audit returns clean opinion; FY2025 shows increased cash and investments
Summary
Auditors issued an unmodified opinion on SPSA’s FY2025 financial statements and reported increases in cash, investments and capital assets; the board accepted the audit and the quarterly financial report noting a $64 million cash balance and designated reserves.
An independent audit of the Southeastern Public Service Authority’s financial statements for the fiscal year ended June 30, 2025, resulted in an unmodified (clean) opinion, engagement director Laura Hardin told the board on Oct. 22.
"We issued an unmodified opinion on the financial statements," Hardin said, adding that auditors did not identify material weaknesses in internal control or reportable noncompliance. Hardin summarized notable changes: cash increased by about $2.3 million; investments rose roughly $2.9 million (including unrealized gains); capital assets rose approximately $4.5 million driven by assets under construction and building improvements; and certain liabilities, including landfill closure/post-closure and pension-related deferred inflows, changed due to assumptions and economic factors.
Hardin also disclosed one uncorrected, immaterial adjustment related to GASB guidance for compensated absences, which she said increased liabilities by about $101,000 for the prior fiscal period and which management elected not to restate because it was immaterial to the financial statements. When a board member questioned phrasing in a slide that linked a contractor settlement to a fire that terminated a contract, the auditor agreed to adjust the wording to avoid misstating settlement terms.
Treasurer (Miss Schreiber) presented the quarterly financials: operating revenues of $14.5 million for the quarter (27% of annual budget), expenditures at 22.9% of budget, capital expenditures of $5.6 million to date and total cash balances of $64 million. Of that amount, $24.7 million was held for landfill closure/post-closure and other funds were designated for the flyover and ongoing projects. The board moved and voted to accept the audit and the financial report.
The audit team reported no identified fraud or illegal acts and expressed no concern about SPSA’s ability to continue as a going concern. The board expressed appreciation to staff and the audit committee for the clean audit.
