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Auditors give Jefferson City a clean opinion; accounting standard change drove prior-year restatements
Summary
WilliamsKeepers presented a clean (unmodified) audit opinion for fiscal 2025 and reported $10.9 million in federal expenditures; auditors said a new GASB standard on compensated absences required restating prior balances. Finance director warned the projected FY26 fund balance remains below policy despite stronger sales-tax receipts.
Amanda Schultz, an audit partner at WilliamsKeepers, told the Jefferson City Council that the firm issued an unmodified (clean) opinion on the city's audited financial statements for the fiscal year ended Oct. 31, 2025. "We've provided an unmodified or a clean opinion on those financial statements," Schultz said, adding that users of the statements "can rely upon them."
The firm also performed a required single audit because the city expended more than $1 million in federal grant funds; "the city had federal expenditures of $10.9 million during the year," Schultz said. WilliamsKeepers issued the additional single-audit reports with no findings of material noncompliance and expressed clean opinions on compliance testing.
City officials and the auditor discussed a restatement to…
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