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Loudoun audit: independent auditors issue unmodified opinion, county posts stronger net position
Summary
County auditors issued an unmodified (clean) opinion for FY2025 and reported a stronger net position, higher-than-budgeted general fund revenues, and no material weaknesses; staff and auditors described accounting standard changes and a $4 million immaterial uncorrected misstatement.
The Finance, Government Operations and Economic Development Committee heard the results of Loudoun County's fiscal year 2025 audit on Dec. 9, when auditors from Cherry Beckert (presented by partner Malav Sheth) and county finance staff said the county received an unmodified (clean) audit opinion.
The county's government-wide net position rose to about $3.5 billion in FY2025, an increase of roughly $163 million (about 4.8%) from the prior year, officials said. The county's general fund revenues exceeded the revised budget by $154.9 million (about 5.7%), while expenditures were below the revised budget by $74.7 million (about 2.6%). The…
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