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Asheville receives clean FY2025 audit but must report material weakness and fund-balance shortfall to state
Summary
City finance staff and external auditors said the FY2025 financial statements received an unmodified (clean) opinion, but auditors flagged a material weakness (an unaccrued capital invoice) and the city ended the year with an unassigned fund balance of 14%, below the 15% policy; staff will prepare a required Local Government Commission letter and complete the single-audit work.
City of Asheville finance staff told council Tuesday that the fiscal year 2025 financial statements were issued with an unmodified — or "clean" — audit opinion, while the external audit team identified a single material weakness and a modest decline in the city's unassigned fund balance.
Tony McDowell, finance director, said the financial statements were completed and issued on Nov. 14, 2025, and that the city received the highest level of assurance from the auditors. "The audit opinion that we received this year was what's called the unmodified or clean opinion," McDowell said. He added the city ended fiscal 2025 with an unassigned fund balance of 14%, down from 16.8% the previous year and…
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