Herriman presents FY2025 audited financial statements; auditors report no findings

Kyle, Herriman’s finance director, presented the city’s audited financial statements for fiscal year 2025 at the Jan. 14 council meeting, explaining where to find key disclosures and summarizing the audit outcome.

Kyle said the management’s discussion and analysis provides a high-level narrative for nontechnical readers and pointed council members to government-wide statements and fund-balance schedules that explain what the city had available to spend. He noted an approximate unrestricted net position of $68,000,000 and explained that much of the city’s money is restricted for specific uses such as water, impact fees and bond proceeds.

The audit opinion, Kyle said, states the financial statements are “presented fairly in all material respects.” City staff also reported completion of a single-audit triggered by federal funding; the auditors performed compliance testing and found no reportable findings or management-letter recommendations this year. Kyle reminded the council that auditors review material accuracy of reported numbers, not every transaction, and that management is responsible for the statements and related certifications.

Councilmembers asked whether there had been findings in prior years; Kyle said the city has had one or two minor findings historically (for example, a prior-year budget amendment processed after year-end) but nothing significant in the current audit.

The city’s audit partner will attend the audit-committee meeting in two weeks to review the statements in more detail with the council’s audit representative.