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City auditor reports clean FY2025 opinion; council praises finance team
Summary
An external auditor told the Woodstock City Council it issued a clean (unmodified) opinion on the city’s FY2025 financial statements and single-audit; the presentation highlighted revenue gains, a rise in public-works spending tied to a new parking deck and continued strong fund‑balance reserves.
Justin Wilbanks, manager with Nichols, Collin & Associates, told the Woodstock City Council on Jan. 12 that the firm issued an unmodified, or clean, opinion on the city’s FY2025 financial statements and on the Schedule of Expenditures of Federal Awards.
"We are issuing an unmodified or a clean opinion on the financial statements," Wilbanks said, noting the city had submitted the ACFR and SEFA to the Government Finance Officers Association and the state. He said the city is on track to receive the GFOA certificate for fiscal year 2025, continuing a multi‑decade streak.
The auditor summarized key figures: general fund revenues rose by about $900,000 year over year, driven primarily by taxes; operating grants and contributions declined approximately $2.2 million; total public‑works spending increased by about $5 million, which Wilbanks tied to completion of a downtown parking deck. Water and sewer operating revenues were presented at roughly $11.2 million, with expenditures slightly lower than the prior year and a modest operating loss reported in the fund.
Wilbanks said auditors found no adjustments, had no disagreements with management and included a standard required‑communications letter to council members. "We had no issues, no discussions with management, no adjustments," he said, and described a listed "area of significant risk" in the packet as a risk area only, with no findings.
Mayor Michael Caldwell and council members praised the finance team for strong stewardship and the extended run of clean audit opinions. The mayor said the results were evidence of the city's fiscal stewardship and congratulated staff.
The presentation concluded without substantive questions from council. The audit materials and the required communications letter were provided to council and submitted to state reviewers and the GFOA as part of the routine acceptance process.
