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San Luis Council accepts FY2025 comprehensive financial report with clean audit
Summary
Council received a presentation from external auditors and voted to accept the FY2025 annual comprehensive financial report; auditors reported an unmodified (clean) opinion, noted a GASB change in compensated-absences accounting, and said the ELR is pending but will be timely.
The City Council voted to accept the City of San Luis annual comprehensive financial report for the fiscal year ended June 30, 2025, after a presentation from external auditors.
Audit partner Britney Williams of the engagement firm presented an overview of the audit results and told council the firm issued a clean (unmodified) opinion on the city’s financial statements. Williams noted a change in accounting for compensated absences required by GASB that increased a reported liability but said the change was not unusual. The auditors also issued a single-audit for federal awards, reporting on coronavirus state and local fiscal recovery funds as part of their testing.
Williams directed council to the Management's Discussion and Analysis (MD&A) for year-to-year comparisons and responded to council questions about changes in cash, investments and net position. She summarized that governmental activities’ net position increased by about $15,000,000 and business-type activities increased by about $10,000,000 year-over-year, and she said the ELR (expenditure limitation report) was in final stages and due by March 31.
A motion to accept and approve the final annual comprehensive financial report (mover recorded as S4) passed on a voice vote and the presiding officer announced the motion carried.
Council members commended the finance team for a report with no significant deficiencies and thanked staff for their work.
