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City audit receives clean opinion; council briefed on $40M bond tranche and strong credit ratings
Summary
Auditors issued an unmodified opinion on Fayetteville's FY2025 financial statements but identified two material weaknesses; council heard a financial advising briefing on issuing a $40 million tranche of voter‑approved GO bonds and learned Moody's and S&P assigned second‑highest ratings.
Fayetteville’s external auditors told the City Council on Feb. 23 that the city’s Comprehensive Annual Financial Report for the fiscal year ending June 30, 2025, received a clean (unmodified) audit opinion, while the compliance review identified two material weaknesses in internal controls.
Robert Bittner, the lead audit partner, told council, "the city did receive a clean opinion on the financial statements this year," while noting two areas management has already committed to correct: a year‑end journal entry…
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