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Bowie accepts 2024–25 audit; auditor flags material weakness in grant accounting
Summary
The Bowie City Council accepted the city's 2024–25 financial audit. Auditor Valerie Halverson told the council the statements are fairly presented, but the audit identified a material weakness tied to grant revenue recognition and a restatement for a component unit.
The Bowie City Council voted to accept the city's fiscal year 2024–25 audit after a presentation by auditor Valerie Halverson of NWH Group.
——"We believe the financial statements are fairly presented in all material respects," Halverson told the council, summarizing the independent auditors' report. She said the city's net position increased to about $37.4 million, with roughly $12 million unrestricted and an unassigned general-fund balance of about $4.9 million.
Halverson said the audit included an emphasis-of-matter paragraph because one component unit required a restatement:…
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