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Williamsburg audit: unmodified opinion; general fund balance rose about $1.0M
Summary
Auditors issued an unmodified opinion on the city's FY 2025 financial statements, reported a general fund balance of $26.75 million (about $1.0M increase) and no federal or internal-control findings; council accepted the annual comprehensive financial report and heard monthly revenue updates for November.
Williamsburg's independent auditors presented an unmodified opinion on the city's comprehensive financial statements for the fiscal year ending June 30, 2025, and council voted to accept the annual report.
Aaron Hawkins of Robertson, Farmer & Cox told the council the auditors issued an "unmodified" opinion, meaning the statements can be relied upon as materially correct based on audit testing. Hawkins identified two notable accounting items: a change in accounting standards for compensated absences (which increased beginning balances in the audit) and a restatement related to custodial funds where some assets and liabilities are now recorded on the full-accrual basis. The auditor reported the general fund ended the year with $26,750,000 in fund balance, roughly a $1,000,000 increase from the starting balance.
Hawkins said the single-audit federal compliance work found no federal findings. City finance staff also presented November revenue results: sales tax receipts were about 2.5% higher year over year (roughly $1.5M), room-tax collections were up about 10.2% (in part due to delinquent collections), real-estate tax revenue was around 25.7% below last year, and personal-property collections were about 21.7% ahead. Staff cautioned that some lines fluctuate year to year and are not definitive predictors of year-end outcomes.
Council thanked finance staff and the audit committee; a motion to accept the annual report passed on a roll-call vote.
