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Farmington audit: clean opinion; GASB change raises compensated‑absence liability by $2.2M
Summary
Auditor Davies presented the FY2025 Annual Comprehensive Financial Report to the council and issued an unmodified (clean) opinion; implementation of a GASB standard on compensated absences increased that liability by $2.2 million, and auditors recommended segregation-of‑duties improvements in purchasing and student activities.
The Town of Farmington received an unmodified — or clean — opinion on its FY2025 financial statements, auditor Catherine Patnod (Davies) told the town council on Feb. 10.
"We did have an unmodified or clean opinion," Patnod said while summarizing the Annual Comprehensive Financial Report and the federal and state single audits. She told the council the town's implementation of a new GASB standard on compensated absences increased that liability by $2,200,000.
Patnod…
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