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City audit: Gallatin receives clean opinion, modest net position gains
Summary
The city's independent auditor delivered a clean (unmodified) 2025 audit opinion, reporting increased net position for governmental and business-type activities, neutral pension liability movement, and a clean single-audit for federal grant spending (including ARPA).
City officials received the 2025 annual comprehensive financial audit during the committee meeting. Matt Wood, a partner at the audit firm ATA, told the council the financial statements received an unmodified (clean) opinion and that auditors found no internal control findings.
Wood reviewed several highlights: the city—nding net position for governmental activities was reported at approximately $229.73 million and unrestricted net position increased by about $1.1 million; business-type activities (including electric, water and sewer) saw a net investment increase and an $11.2 million increase in unrestricted net position. He also explained the effect of a new accounting standard (GASB 101) that requires payroll taxes to be included when reporting accrued compensated absences but said the effect on Gallatin is immaterial.
The audit included a single-audit process because federal grant expenditures exceeded the single-audit threshold (ARPA funds were a major component of the tested grants). Wood said the single-audit work was completed and returned without findings.
Council thanked staff for their work. No formal action was required at the committee meeting; the audit will be included in the official city financial record and published as part of the city's reporting.
