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Independent auditor gives The Colony a clean opinion on FY2025 finances; single‑audit finds no grant issues
Summary
The city's independent auditor issued an unmodified opinion on the FY2025 financial statements, reported $634.6 million in assets and $146.7 million in revenues, and found no issues in the federal single audit; auditors noted three adjustments that produced a control finding staff expects to remediate.
Kevin Randolph of iBailey presented the city's fiscal year 2025 comprehensive annual financial report and federal single audit at the March 17 meeting and delivered an unmodified audit opinion—the clean opinion auditors seek.
Randolph summarized key figures: total assets of approximately $634.6 million (about $460 million of capital assets), total liabilities of roughly $243.4 million (about $215 million long‑term), and revenues of about $146.7 million. He noted expenditures of approximately $148.1 million and explained that restricted fund balance rose substantially—chiefly tied to bond proceeds that must be spent on designated projects.
On the single audit, required because the city's federal grant spending exceeded $750,000, auditors examined a sample of transactions (including remaining COVID‑era funds) and reported no compliance issues. Randolph said auditors posted three audit adjustments this year, resulting in a control finding; he characterized the adjustments as fewer than the prior year and said staff was responsive and he expected remediation by next year.
Council thanked the finance and audit teams and noted the work ahead for next year's budget process.
