Fraser receives unmodified audit for 2024-25; auditor cites stronger controls and higher fund balance

Alan Panter, a partner at the audit firm Yo and Yo, told the Fraser City Council on Dec. 11 that the city—s fiscal 2024-25 financial statements earned an unmodified opinion, the highest level of assurance auditors give. "We have no findings. We have no management letter comments. Nothing," Panter said, adding: "You guys have achieved a clean audit."

Panter said the city—s general-fund balance rose to about $13,000,000 and explained recent year-to-year changes: a $3.9 million state pension grant recorded in 2024 and roughly $4 million in transfers this year, including about $3.5 million moved into a street-improvement fund. He described the result as a marked improvement from several years ago, when audits were late and the city had numerous findings.

Mayor Pro Tem O'Dell and other council members thanked city management and the finance team for improving controls and recordkeeping. O'Dell asked whether the audit had examined internal checks on spending; Panter said procedures were reviewed and no issues were found. Council members said the clean audit provides a stronger foundation for the coming budget process and long-term financial decisions.

City staff said the audit presentation will be filed with the official audited financial statements and the governance letter that accompanies the audit. Panter noted adoption of GASB 101 (compensated absences guidance) but said it did not have a significant effect on the statements. The council did not take separate action on the audit beyond receiving the presentation.

What's next: council members said they will proceed into budget work with greater confidence that the city's accounting and controls are in order.