Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City releases FY24-25 audit: general fund deficit eliminated, auditors flag restatements and 21 adjustments
Summary
Auburn's finance director presented the FY24-25 comprehensive annual financial report confirming elimination of the general fund deficit; external auditors issued a clean opinion but reported 21 corrected misstatements and a material-weakness disclosure tied to restatements and implementation of a new accounting pronouncement.
The Auburn City Council received the city's FY24-25 Annual Comprehensive Financial Report (ACFR) on Feb. 9, 2026; Finance Director Gretchen Hoskins told council the general fund deficit has been eliminated as of June 30, 2025, but the external audit identified 21 corrected misstatements and required a material-weakness communication.
Hoskins said the audit adjustments (21 in total, up from six the previous year) included 12 items related to FY24-25 and were often tied to grant accounting and a loss of institutional knowledge. She described a $600,000 audit adjustment that…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
