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Auditors give Addison a clean opinion on FY2025 financial statements; council accepts annual report
Summary
The town's FY2025 annual comprehensive financial report received an unmodified audit opinion with no material weaknesses; council accepted the report and staff highlighted strong fund balances and healthy pension and OPEB metrics.
The Town of Addison received a clean, unmodified audit opinion on its FY2025 financial statements and the City Council accepted the annual comprehensive financial report on Feb. 24.
Amanda Turner, assistant director of finance, presented the FY2025 ACFR and introduced the external audit partner, Rachel Ornsby of the audit firm in the meeting packet. Ornsby reported no material weaknesses, no significant deficiencies and no audit adjustments; she noted the town's records and interim reporting provided reliable results for the annual statements.
Key metrics highlighted by staff and the auditor:
- The town continues to meet and exceed its unassigned general fund balance policy (30% of budgeted expenditures). - The town's participation in the Texas Municipal Retirement System (TMRS) shows a funded ratio of about 92% on the calendar-year measurement. - The retiree health trust (OPEB) is approximately 40% funded, and the town continues ongoing contributions to the trust.
Ornsby also noted the town has submitted fiscal materials to the Government Finance Officers Association (GFOA) and has achieved the GFOA certificate for many consecutive years. The council accepted the ACFR by motion.
(Reporter note: a numeric transcription in the meeting transcript listed interest revenue at "just under $1,300,000,000" for the quarter; the finance and audit presentation materials and supporting financial schedules show interest revenue on a quarterly basis in the six-figure range; the correct figure in the ACFR is "just under $1,300,000.")
Next steps: council accepted the audit and will continue normal financial oversight and implementation of upcoming GASB pronouncements that will affect disclosure in fiscal year 2026 and later.
