Cedar Falls treasurer presents FY25 annual financial report; council takes no action

City Treasurer Lisa Rolling presented the City of Cedar Falls’ Fiscal Year 2025 Annual Comprehensive Financial Report at the Committee of the Whole meeting on Monday, outlining the report’s structure, audit status and next procedural steps.

“The report is broken down into 3 sections,” Rolling said, describing an introductory section with the transmittal letter and organizational chart, a financial section that includes the independent auditor’s opinion and management’s discussion and analysis, and a statistical section with multi-year financial and demographic data. “Finance and business operations staff does spend over about 800 hours preparing this,” she added.

Rolling told the council that the audit firm Eide Bailly performed preliminary fieldwork in July and returned in September to complete final fieldwork. She said the schedule of federal compliance (the single-audit components) has not yet been finalized by the Office of Management and Budget and will be filed later if the city’s federal expenditures exceed the $750,000 single-audit threshold.

The presentation noted that the city had received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) and that the city’s Popular Annual Financial Report also received recognition; the transcript’s mention of a specific ordinal for prior awards was unclear and is not specified here.

Rolling identified staff who prepared the report, including Director Rodenbeck, accountant Paul Coakler and accountant Stacy Braun Wagner. She said the full report was included in the council packet, will be submitted to the GFOA, and—“as required by Iowa Code”—will be filed with the state auditor’s office and posted on the city’s website. Rolling told the committee there would be no council action on the report at this meeting and that it will appear later on the consent calendar for formal acceptance.

Council members thanked Rolling and finance staff for the presentation and for making complex financial information easier to understand. With no further discussion, a motion to adjourn was made and seconded; a voice vote recorded “Aye,” and the mayor declared the meeting adjourned. The council will reconvene at 7:00 p.m. for the regularly scheduled city council meeting.

The presentation provides required disclosure of audit timing and next procedural steps; the council did not vote on the report itself during this session.