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Genola receives unqualified FY2025 audit; council approves monthly expenditures
Summary
An independent auditor presented the fiscal-year 2025 financial audit and reported an unqualified opinion with no internal control or state-compliance findings; the council also approved monthly expenditures of $74,780.26 including a $13,500 Circle J Rodeo payment.
The council heard the fiscal-year 2025 financial audit and approved last month’s expenditures in the consent agenda.
Caleb Breeze (speaker 8), presented the audit and said the town received an unqualified opinion — the highest level of assurance — meaning the audited financial statements are materially correct. Breeze reviewed internal controls and state compliance testing and reported no findings for internal controls or state-law compliance. He noted the town shows more than $5 million in capital improvements carried into the fiscal year and that long-term debt reduced from about $2.5 million to about $2.4 million as of June 30.
Council members asked whether an interfund transfer of $300,000 recorded on page 38 represented funds set aside for a new municipal building; staff clarified the transfer was to the capital projects fund to save for a fire truck purchase, not the municipal building.
After the audit presentation the council reviewed expenditures for the prior month totaling $74,780.26. Council moved and approved the expenditures, noting a $13,500 Circle J Rodeo contract payment recorded as a shop/producer payment.
"The town of Genoa received an unqualified opinion," Breeze said. "That means the information that is in front of you is gonna be materially correct."
