Auditors issue clean opinion on CT Paid Leave FY2025 financials

Whittlesey partners presented the Connecticut Paid Leave Authority's audited financial statements for the year ending June 30, 2025, and issued an unmodified opinion, the highest level of assurance an independent auditor can give.

Tom Goldcross, a partner at Whittlesey, told the board the financial statements "present fairly in all material respects in accordance with generally accepted accounting principles," and that the firm identified no audit adjustments, no fraud or illegal activities, and no material weaknesses in internal control. Senior manager Katrina Olsen said the audit team performed risk-based testing of cash and investments, contributions, benefit-claims expense and reserves, and pension and OPEB liabilities.

Key figures in the accrual-basis statements included total participant contributions of $479,000,000 (including $127,000,000 in receivables) and benefit claims expense of $451,000,000, which incorporated a reserve liability of nearly $61,000,000 to cover claims incurred but not yet paid or reported. Auditors noted the authority adopted recent GASB disclosure requirements related to compensated absences and certain risk disclosures; those changes required additional footnote disclosure but did not materially change reported amounts.

The auditors said they used an IT control specialist for high-level IT controls and found no areas requiring concern. The audit team also performed limited procedures on required supplementary information such as pension and OPEB disclosures but did not issue an opinion on those sections.

Board members thanked the auditors for a concise presentation; no follow-up audit findings were raised during the meeting. The authority's management and finance committee had previously reviewed the results with the auditors.

The board received the presentation and had no outstanding questions that required further action at the meeting.