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Board accepts unmodified financial audit and single-audit findings; auditors note GASB restatement
Summary
Auditors presented the 2024-25 financial audit and the federal single-audit; both received unmodified opinions, auditors identified a $1.5 million GASB-related restatement and several noncompliance posting and personnel-file items, and the board approved the audits by voice vote.
The Hobbs Municipal Schools board received presentations on the district's 2024-25 financial audit and the accompanying federal single-audit and approved both reports.
An auditor speaking to the board said the financial statements were "fairly presented in all material respects" and reported an unmodified opinion. The auditor explained that a GASB 101 change (reporting of…
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