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Staunton auditors issue unmodified opinion for FY2025; GASB 101 raises accrued leave liabilities
Summary
Brown Edwards presented the City of Staunton's FY2025 external audit and Annual Comprehensive Financial Report, issuing an unmodified (clean) opinion while noting GASB 101 implementation required a prior‑year restatement and increased reported liabilities; federal grants compliance testing is pending.
Staunton — The City of Staunton received an unmodified opinion on its FY2025 financial statements, Brown Edwards senior audit manager Kristen Collin told the City Council on Dec. 11. "In our opinion, financial statements referred to above present fairly," Collin said, describing what auditors call a "clean" opinion.
The audit presentation, introduced by Chief Finance Officer Jesse Moyers, highlighted one significant accounting change tied to new guidance. Collin said implementation of GASB 101 (compensated absences) required the city to restate FY2024 balances so that accumulated paid time off and similar leave are reported as a longer‑term liability. "Most entities had very, very large increases to their liabilities because of this standard," she said, adding that note disclosures in the ACFAR explain the impact.
Collin told council that auditors found no new internal‑control comments during the year and that one prior finding had been resolved; two earlier comments remain in process. She also said auditors encountered no difficulties that would affect the opinion. Collin noted the city's Annual Comprehensive Financial Report remains a substantial document prepared by staff, and she thanked Finance staff for their work in compiling it.
One item remains outstanding: federal grant compliance testing. Collin said delays by federal agencies in issuing the annual compliance supplement prevented auditors from completing that portion of testing in time for the ACFAR submission. The federal grant opinion will be issued separately after the supplement becomes available in the new year.
What happens next: The ACFAR and the external audit report will be included on the council's consent agenda for formal acceptance; the federal grants compliance report is expected after the first of the year, the auditor said.
