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Council accepts audited financial statements; auditors flag asset‑record and posting deficiencies
Summary
Auditors gave the city an unmodified opinion on Richfield's fiscal‑year 2025 financial statements but reported a significant deficiency in capital‑asset records, a missing posted minute (May 2025), and a fraud‑risk assessment timing issue; council moved to accept the audit.
The council voted to accept the independent auditors’ report for Richfield’s fiscal year ending June 30, 2025, after auditors from Kimball & Roberts presented an unmodified (clean) opinion but highlighted control and compliance findings.
"In our opinion ... the accompanying financial statements present fairly in all material respects the respective financial position" of the city for the year ended June 30, 2025, an auditor read aloud in their opinion statement. The auditors summarized key figures: total governmental fund balance reported at about $11.8 million, with approximately $7.45 million…
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