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Board accepts FY2025 audit with unmodified opinion, notes significant deficiency on capital‑asset records
Summary
Beasley Mitchell and Company delivered an unmodified ("non‑modified") audit opinion for FY2025 and reported no federal program findings; auditors noted a significant deficiency for incomplete capital asset additions that was reconciled before issuance. The board voted to accept the audit.
Beasley Mitchell and Company audit manager Juan Garcia presented the South Central Regional Transit District's FY2025 audited financial statements and single‑audit results at the March 25 meeting.
"Our opinion reads that we are a non‑modified opinion," Garcia said, adding that the single‑audit of federal programs — including the Federal Transit Formula Grant (20.507) — was also unmodified. The firm reported total federal award expenditures of about $6.164 million in the schedule of federal awards and said it selected the formula grant as a major program for testing.
Garcia told the board that a prior‑year finding about collateralization of public funds was resolved and that a current‑year finding qualified as a significant deficiency (not a material weakness): the capital asset additions list and supporting documentation were incomplete and not initially reconciled to the trial balance. He said management and the auditors identified and reconciled the items before the report was issued.
Board members asked questions about the reconciliation and the scope of audit testing; Garcia and staff said the matter had been addressed and that steps should be taken to ensure council certification of capital assets going forward. The board then voted to accept the audit report; roll call votes were recorded as yes by the attending members.
