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Socorro receives clean audit for FY2025; single-audit finding on late reports addressed
Summary
SB&G presented an unmodified opinion on the City of Socorro's FY2025 financial statements and single-audit compliance; auditors flagged late reporting on four Stone Garden performance reports and the city has prepared a corrective-action plan.
The Socorro City Council voted March 19 to accept the city's fiscal year 2025 annual financial report after a presentation by SB&G certified public accountants.
Abigail Tellez, SB&G audit manager, told the council the firm issued an unmodified (clean) opinion on the city's governmental financial statements and an unmodified opinion on single-audit compliance for major federal programs reviewed (including ARPA and Homeland Security Grants). "We didn't find any material misstatements," Tellez said.
SB&G's presentation summarized fund-level trends: a steady general fund balance (average around $8.5 million in recent years), a net position increase of about 14% from the prior year, and a year-end net income result driven by revenues of about $26.6 million and expenses of about $19.4 million. The auditors noted capital outlay of roughly $9 million for infrastructure and equipment.
The single-audit work included a finding: the city failed to submit timely performance and quarterly financial reports for the Stone Garden award (award number ending in 7209). Auditors said management has prepared a corrective-action plan and recommended a centralized reporting system and clearer assignment of responsibilities to prevent future delays.
Council members expressed support for staff's corrective actions and moved to approve the financial report; the motion carried by voice vote.
