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Centerville council accepts FY2025 audited financial statements; single‑audit not required this year
Summary
The council received an unmodified FY2025 audit opinion from Larson & Company and accepted the financial report. Auditors reported no material internal control weaknesses or reportable noncompliance; council discussed single‑audit thresholds tied to anticipated federal project spending.
Centerville — Larson and Company presented Centerville’s audited financial statements for the fiscal year ended June 30, 2025, and issued an unmodified opinion. The audit report, delivered in council on Dec. 16, identified no material weaknesses in internal control and no instances of reportable noncompliance with provisions tested.
Auditors noted they plan and perform their audits under generally accepted auditing standards and government auditing standards and that management (city staff) is responsible for preparing the financial statements. The firm reminded the council that a single‑audit is required only if federal expenditures exceed the federal threshold ($1,000,000 under recent rules discussed at the meeting) and that Centerville did not require a single‑audit for FY2025. Council members asked about the Oak Ridge tank project (planned federal funds may trigger a single‑audit in a later year).
Motion and vote: A councilmember moved to accept the FY2025 audit; the motion was seconded and approved by council voice vote with one member voicing a 'nay' during roll call. Staff and the auditors noted they had no disagreements with management and no difficulties during the audit.
Next steps: The accepted Comprehensive Annual Financial Report (CAFR) will be filed per state requirements and staff will monitor federal grant thresholds as the Oak Ridge tank project advances.
