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Council accepts city—s annual financial report; auditors issue clean opinion
Summary
Council accepted Raleigh—s Annual Comprehensive Financial Report for fiscal year ended June 30, 2025. Finance staff reported a clean (unmodified) audit opinion with no material weaknesses and noted excess capital reserves of roughly $3.5 million; staff recommended acceptance and the council voted to accept the report.
Finance staff presented the Annual Comprehensive Financial Report (ACFR) for the year ending June 30, 2025 and recommended council accept the document. Lisonbee Bradshaw (Finance) summarized the financial reporting process and said the ACFR is a technical, 150-plus page document that is distilled into a shorter popular annual financial report for public use. Bradshaw noted the city received award recognition from the Government Finance Officers Association for reporting and transparency.
Albert Ong of Cherry Becker, the audit senior manager, presented the auditor—s executive summary and reported an unmodified (clean) opinion on the financial statements, stating there were no material weaknesses identified in internal control and no difficulties with management during the audit process. The staff noted an excess of a little over $3,500,000 in capital reserves that will roll into the next budget process as provided under policy.
Councilor moved and the council voted to accept the ACFR. The auditors will complete outstanding single-audit compliance reporting after federal guidance updates noted in the presentation; staff will return with any required compliance reports to finalize the single-audit package.
