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Washington council accepts 2024–25 audit after firm issues clean opinion
Summary
Lauterbach & Amon told the City of Washington it issued an unmodified (clean) opinion on the audited financial statements for the year ending April 30, 2025; the council voted unanimously to accept the report and staff noted management‑letter recommendations on IT security and budget variances.
The City of Washington City Council unanimously accepted the audited financial statements for the year ending April 30, 2025, after a presentation by Hannah Cullerton, an audit manager with Lauterbach & Amon, who said the firm issued an unmodified (clean) opinion.
Cullerton summarized the city’s principal figures and trends, saying governmental activities showed about $99,200,000 in total assets and deferred outflows and about $25,800,000 in liabilities and deferred inflows. She reported governmental revenues of roughly $27,600,000 against expenses of about $16.5 million and described this as yielding an approximately 18% increase in net position from the prior year. Business‑type activities showed about $8.8 million in revenue and $6.7 million in expenses, she said. The firm also highlighted capital asset activity, leases receivable schedules and long‑term debt disclosures.
Cullerton reviewed the management letter's recommendations, citing three areas for attention: IT security awareness and monitoring to address emerging risks; a note that certain funds had slight overages in the prior year (police pension previously; Freedom Parkway capital activity drove an overage this year that staff said is expected to normalize in fiscal 2026); and upcoming Governmental Accounting Standards Board (GASB) pronouncements (referred to in the presentation as GASB 102 and GASB 103) that will take effect in 2026–2027 and warrant coordination between auditors and staff.
City Administrator Dennis Carr moved to accept and place the audited financial statements on file; Ald. McIntyre moved approval and Ald. Smith seconded. The council voted unanimously to accept the audit.
Why it matters: an unmodified audit opinion affirms that, in the auditor’s judgment, the financial statements were presented fairly in all material respects. The management letter's IT and budget recommendations identify operational and reporting items staff may address ahead of future audits and GASB changes.
The council accepted the report with no additional conditions. Staff did not provide a detailed budgetary plan in the meeting for addressing the management letter items; follow‑up will occur through normal staff processes and future council reporting.
