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Auditor issues clean opinion but warns Jefferson to address water and sewer funding; recommends rate study
Summary
Auditor Golub, Morgan & Petty presented an unmodified (clean) audit for fiscal year ending 09/30/2025, highlighted about $5.4 million in grant funds held as deferred outflows, and advised the council to address water and sewer fund sustainability by pursuing a rate study and considering borrowing strategies.
The city’s independent auditor presented the required-communications letter and financial statements for the fiscal year ended Sept. 30, 2025, and issued an unmodified — or “clean” — opinion on the city’s financial statements.
Kevin Cashin of Golub, Morgan & Petty told the council the audit identified the usual significant risks auditors flag — management override of controls and improper revenue recognition — and described major balance-sheet changes driven by grant receipts and debt activity. Cashin said the business-type (water and sewer) fund showed a large increase in current assets —…
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