Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Commission accepts clean audit and annual financial report for FY2025
Summary
Outside auditors issued an unmodified opinion on Winter Springs' FY2025 financial statements; auditors reported no single-audit findings on tested grants and noted a cleaned-up carryover pension timing issue. The commission unanimously accepted the ACFR.
The Winter Springs City Commission accepted the city's Annual Comprehensive Financial Report for fiscal year 2025 after a presentation by outside auditors from Pervis Gray and Company.
Ron Whitesides, the audit partner, told the commission the audit resulted in an unmodified (clean) opinion, the highest form of assurance auditors issue. He said the single-audit review of three major grants (ARPA, a watershed grant and a highways grant) produced no findings. Whitesides noted one carryover internal-control item from the 2023 audit related to pension-plan enrollment timing that staff had since addressed.
The auditors highlighted required disclosures tied to the city's wastewater treatment capital project and said staff made one significant technical adjustment related to grant revenue recognition timing. Whitesides walked through operating results: general fund revenues rose roughly $1.7 million (largely from property tax increases and valuation growth) while expenditures rose about $2.8 million, producing a net general fund change of roughly negative $1.4 million for the year. The auditor also described strong enterprise-fund results, rate-driven revenue increases and an overall healthy pension funding ratio.
Finance Director Holly Queen thanked her staff and outside auditors for the work; commissioners praised the finance team and volunteer pension trustees for stabilizing finances after recent turnover in city management. The commission voted unanimously to accept the ACFR and directed staff to distribute it to state agencies, grantors and the Government Finance Officers Association for award consideration.
Motion to accept the ACFR was made by Deputy Mayor Cade Resnick and seconded by Commissioner Victoria Bruce; vote was unanimous.
