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City auditor presents draft 2025 financial statements; council urged to rebuild liquidity

Westminster City Council · December 9, 2025

AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Love Bailey & Associates presented draft 2025 financial statements showing general fund revenues up to about $3.9M, a drop in unrestricted cash to roughly $1.5M (liquidity ~1.6 months), increased restricted grants and major capital investment in water-line work; the auditor said the single audit is pending the federal compliance supplement.

Will Walls, audit practice leader at Love Bailey & Associates, presented draft city financial statements for the year ended June 30, 2025, telling the council the firm currently plans to issue an unmodified opinion and that the single audit is pending completion of the federal…

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