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Laramie auditors issue clean opinion on 2025 financials; restatements and OPEB change explained
Summary
Auditors reported unmodified (clean) opinions on the City of Laramie’s 2025 financial statements and the single-audit of federal awards, noted an emphasis-of-matter for restatements tied to accounting changes, and said no material internal-control or compliance issues were identified.
The City of Laramie’s auditors told council they issued unmodified (clean) opinions on the city’s fiscal-year 2025 financial statements, while also noting an emphasis-of-matter related to restatements of beginning net position linked to accounting changes and an error correction.
"We issued unmodified opinions on the financial statements, which is what you want," auditor Micah Klinger said, adding that the opinion included an emphasis-of-matter paragraph related to restatements tied to implementation of new accounting guidance.
Klinger explained the audit followed generally accepted auditing standards and government auditing standards and that the work provides reasonable (not absolute) assurance. He outlined the distinction between basic financial statements (audited) and required supplementary information and other supplementary sections (which auditors read for material consistency but do not audit or opine upon).
On internal controls, Klinger said auditors identify control deficiencies when found and would report material weaknesses; for Laramie’s 2025 audit he reported, "we did not identify any material weaknesses, or significant deficiencies in internal control over financial reporting." He added a standard professional disclaimer that absence of identified weaknesses does not prove none exist.
The single-audit component, which reviews compliance for federal awards, also received an unmodified opinion. Klinger reported the city expended approximately $5,300,000 in federal awards during the year ended June 30, 2025, and said roughly $3,700,000 of that related to funding for a 3rd Street water-tank project. He reported no compliance issues or significant deficiencies in internal control over compliance for the programs tested.
Vice mayor and council members thanked auditors and finance staff for completing the audit on time. Director Wade also praised the finance team’s work during a year that included an ERP implementation.
The presentation closed with council members offering no additional questions; the auditors and staff said they would be available if council needed further detail on specific notes or schedules in the Annual Comprehensive Financial Report.
