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Newport audit returns unmodified opinion; general fund ends at $19.2 million
Summary
The city’s FY2025 audit gave Newport an unmodified (formerly “unqualified”) opinion and reported a $19.2 million ending general fund balance; auditors flagged a recommendation to segregate duties and recorded Newport’s share of pension and OPEB liabilities.
The Board of Commissioners on March 16 heard a presentation on the City of Newport’s fiscal year 2025 audit, which auditors issued with an unmodified opinion.
Ben Keith, an accounting presenter for the audit team, told the commission the auditors gave “the unqualified, also now called the unmodified opinion,” and that the audit found no instances of noncompliance in the internal controls testing. He said Newport’s reported ending general fund balance for the audited year is $19,200,000.
Why it matters: an unmodified opinion is the highest standard auditors issue and signals the auditors found the city’s financial…
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