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Auditor issues unmodified opinion for Teton County FY2025; fund balance rises about $32 million
Summary
External auditor Jason Slice told commissioners the FY2025 financial statements received an unmodified opinion; the audit highlighted a roughly $32 million increase in governmental fund balances, a $740,000 liability increase from a GASB compensated‑absences change, and no material internal control deficiencies or federal compliance findings for tested programs.
Jason Slice, the audit partner from Jones Simpkins, presented Teton County’s fiscal year 2025 audit and reported an unmodified (clean) opinion on the financial statements covering the period 07/01/2024–06/30/2025.
Slice said the county ended the year with roughly $32 million higher fund balances — largely a result of increased cash and receivables and lower capital outlays compared with the prior year — and a small government‑wide asset increase of about $1.5 million to roughly $353 million. He also noted an accounting standard change requiring the county to recognize additional liabilities for compensated absences, which increased related liabilities by about $740,000.
“We issued an unmodified opinion. We feel like these financial statements are presented in accordance with generally accepted accounting principles,” Slice told the board. He said auditors also reviewed federal expenditures (approximately $9 million) and found no reportable federal compliance issues for the programs tested.
Treasurer Katie Smits thanked auditors and county staff for making information available and for a smooth process. Commissioners asked whether the audit could include longer‑term trend schedules; Slice said supplementary statistical schedules could be prepared if the commission requests them and that adding such schedules would likely be manageable.
The board had time for follow‑up questions about a large, nonrecurring transfer that reduced general revenues in the statements — Slice explained that a county asset transfer to the town explained much of the variance — and discussed whether additional trend reporting would be useful for budgeting.
