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Concord auditors give overall clean FY2025 opinion but flag housing voucher and water/sewer issues
Summary
Martin Starnes and Associates presented Concord's FY2025 audit: a clean opinion on most funds but a qualified opinion for the Housing Choice Voucher program, a negative water-and-sewer operating net income that requires a Local Government Commission response within 60 days, and an available general fund balance of 50.8%.
The Concord City Council received the city's independent audit for the fiscal year ending June 30, 2025, which showed generally positive fiscal health while identifying several compliance issues that the city must address.
Bao Tao of Martin Starnes and Associates told the council the firm '2 issue an unmodified opinion on the financial statements and in all federal and state programs, except for the Housing Choice Voucher program, which is qualified.'2 The audit presentation noted a new GASB 101 implementation (compensated absences) and significant year-over-year revenue growth tied primarily to property-value increases.
The report showed the city's available general fund balance at 50.8% (the Local Government Commission…
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