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Eustis auditors issue unmodified opinion; general-fund reserves reported at about $20 million
Summary
Auditors gave the City of Eustis an unmodified opinion for the 9/30/2025 financial statements and said prior recommendations were resolved; finance staff and auditors noted roughly $20 million in general-fund reserves, some restricted, as the city enters budget season.
Auditors from Pervis Gray presented the City of Eustis’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2025, telling commissioners they issued an unmodified opinion on the city’s financial statements.
“We’ve issued an unmodified opinion that we believe these financial statements are fairly stated in all material respects,” the auditor told the commission during the presentation. The auditors said prior management-letter recommendations — relating to excess building-fund reserves, capital-asset reconciliation and pension accounting — were resolved during the audit.
Laurie Carr, the city’s finance director, introduced the auditors and answered commissioners’ questions about reserves and timing. When asked about the general-fund balance, the auditor said the city reported roughly $20,000,000, noting some of that total is restricted and that staff would provide more detail for the upcoming budget process.
The report also noted the finance team filed the annual report on time and strengthened internal reconciliations; auditors found no significant deficiencies in internal controls that required disclosure. Commissioners thanked the finance department for timely filings and asked staff to provide a reserves breakdown for budget deliberations.
The audit presentation was received as submitted; commissioners did not take formal action on the report but acknowledged the timing and that additional budget-year work would follow.
