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Newman council accepts FY 2024–25 audit; auditor reports no findings
Summary
Auditor Michael O'Connor presented the City of Newman's financial statements for the year ending June 30, 2025, reported an unmodified opinion with no findings, and the council unanimously adopted the resolution to accept the audits.
The Newman City Council unanimously accepted the city’s general purpose financial statements and Transportation Development Act audits for the fiscal year ended June 30, 2025, after a presentation by Michael O'Connor of O'Connor and Company.
"There are no findings," O'Connor told the council, adding that the firm issued an unmodified opinion on the financial statements. He walked council through the statement of net position, the statement of activities and fund balances, and invited questions.
O'Connor summarized the results as positive: he described government‑type net position as roughly $4 million and said business‑type activities showed a positive result; across funds he highlighted a net increase in revenues over expenditures of about $735,000. He noted that some grant funds can show negative balances while awaiting reimbursement, a normal accounting timing issue.
Council members thanked staff and the auditors for producing the statements. One council member moved to adopt the resolution receiving and accepting the audits; the motion passed 5–0.
What was reported and what remains unclear: O'Connor emphasized an unmodified audit opinion and that no audit findings were identified. Several numeric figures in his oral summary were presented as approximate in the meeting; staff will provide the finalized financial statements and notes for public review.
Next steps: The accepted audit will be filed per statutory reporting requirements and staff will provide the finalized statements and supporting schedules to the council and make them available to the public.
