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Torrington council accepts audited FY25 financial statements after auditor flags accounting change
Summary
The Torrington City Council on March 17 accepted audited FY25 financial statements after an external auditor said a GASB accounting change required valuing paid leave, adding roughly $1.1 million in balance-sheet liabilities but not affecting daily operations. The council approved acceptance by voice vote.
Paul Stille, the auditor from Leo Riley and Company, told the Torrington City Council that a Governmental Accounting Standards Board (GASB) change required the city to value paid leave on the balance sheet, which added about $1,100,000 in liabilities to FY25 financial statements but does not affect day-to-day operations or cash flow. "It's just kind of a change within the financial statements only," Stille said, explaining auditors had restated FY23–24 balances to reflect the new valuation.
Stille reviewed the audit package and accompanying internal-control reports required under state and federal rules, saying the audit covered significant federal awards including the airport and sewer projects and certain ARPA-funded work. He described a separation-of-duties finding and recommended small operational adjustments to remove that deficiency next year.
Council members asked procedural and filing questions; Stille said the audit report will be submitted to the Wyoming Department of Audit and the federal awards will be uploaded to the federal reporting database. After discussion, Councilman Deal moved to accept the audited financial statements for FY25; Councilman Kelly seconded. The council approved the motion by voice vote with no nays recorded.
The council did not adopt any new policy as part of the vote; Stille's comments and the audit report will be part of the permanent record and filed with state and federal agencies. The council then moved on to the next agenda item.
