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Auditors give city a clean opinion but flag temporary transfer of restricted road funds
Summary
Valente Rackley auditors issued an unmodified opinion on Cairo’s FY2024–25 financial statements but reported a current-year finding: $735,147.24 of Local Maintenance and Improvement Grant funds were transferred out of restricted accounts and used for noneligible purposes; management says the error was identified and corrected before issuance.
Valente Rackley & Associates presented the city’s audited financial statements for the year ended June 30, 2025, delivering an unmodified ("clean") opinion while flagging a current-year compliance issue involving restricted road grant funds.
The auditor told the council that, although the financial statements “present fairly, in all material respects, the financial position” of the city, $735,147.24 in LMIG/LMEG funds were temporarily transferred out of the restricted account and used for noneligible expenditures before the error was identified and corrected. "The error was…
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