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Auditors give Santa Fe an unmodified opinion but report repeat material weaknesses
Summary
Carr, Riggs & Ingram presented an unmodified opinion on the city’s FY2025 financial statements but reported two financial-statement material weaknesses (construction-in-progress controls; general ledger corrections), a repeated federal finding in the airport program, and several state audit-rule findings requiring continued corrective action.
Auditors from Carr, Riggs & Ingram presented the FY2025 audit to the Santa Fe governing body and delivered an unmodified opinion on the city’s financial statements, meaning the statements were fairly stated in accordance with GAAP. AJ, the partner overseeing the engagement, stated plainly: "It's an unmodified opinion."
AJ explained the audit involved three parts: the financial-statement audit, a single audit covering three major federal programs (airport improvement, federal transit cluster, and highway planning and construction), and compliance…
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