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Independent auditors give Clive a clean opinion; single-audit work pending
Summary
Independent auditor ID Bailey presented a clean (unmodified) opinion on Clive’s FY2025 financial statements; staff noted a required federal single audit because ARPA spending exceeded $750,000 and reported one statutory reporting finding on TIF reporting consistency that staff is addressing.
Brad Tyson, senior manager at ID Bailey CPAs, delivered the FY2025 audit report and said the city received an unmodified (clean) opinion on the financial statements. Tyson explained there are two audit components this year: the financial-statement audit (completed and clean) and the federal single audit, which is required because the city spent in excess of $750,000 in federal awards (primarily ARPA) during the fiscal year. The single-audit portion awaits a federal compliance supplement that has been delayed; staff expects that supplemental work will occur when that guidance is released.
Tyson reviewed the management discussion and analysis and highlighted fund changes and a new footnote describing the city’s relationship with Central Iowa Waterworks. On government-auditing standards matters, ID Bailey reported no significant deficiencies or material weaknesses in internal control. The report did note one statutory finding on tax-increment financing (TIF) reporting, a reporting inconsistency the auditor said is being corrected by staff and run through PFM for final urban-renewal reporting.
Council approved the audit by resolution (vote 5–0). Staff said they will complete the single-audit work when federal guidance is issued and follow up on the TIF reporting corrections.
