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Auditors give Grafton a clean opinion on 2024 statements but flag reporting and internal control issues
Summary
Brady Martz & Associates issued a clean opinion on Grafton’s 2024 financial statements and Single Audit, but reported a material weakness that auditors prepared the financial statements and a federal award finding related to delayed SF‑425 reporting in the Airport Improvement Program.
At the Sept. 8 meeting, Matt Laughlin of Brady Martz & Associates presented the 2024 audited financial statements and said the firm issued a clean opinion and found the statements fairly stated. Because the city spent more than $750,000 in federal awards, a Single Audit was required; the firm issued a clean opinion on the Single Audit but identified a federal award finding that two of three required SF‑425 reports for the Airport Improvement Program were not filed by the due date.
In the firm’s internal control review, auditors identified a material weakness: the audit firm prepared the city’s financial statements and accompanying note disclosures rather than the city preparing them in full. The auditors described this as a common, mild finding for governments that do not prepare their own statements. The council voted unanimously to accept the audited financial statements as presented.
