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Lago Vista council unanimously accepts clean fiscal 2025 audit
Summary
The Lago Vista City Council voted unanimously to accept the city’s fiscal year 2025 audit, which auditors delivered with an unmodified (clean) opinion and highlighted healthy fund balances; councilors asked staff for additional clarifications on specific accounting items.
The Lago Vista City Council unanimously approved Resolution No. 26-2200 accepting the city’s fiscal year 2025 audit after a brief presentation by auditors.
Nick Gutierrez, one of the audit firm’s representatives, told the council the auditors issued an unmodified opinion — the highest level of assurance. “Our audit opinion is what’s called unmodified. It’s the best opinion you can get,” Gutierrez said, adding that the single-audit for federally funded programs (triggered by ARPA spending) also received an unmodified opinion.
The auditors summarized the city’s key figures: combined net position of about $102.7 million as of Sept. 30, 2025; net position for governmental activities of roughly $77.2 million (a $6.4 million increase over the prior year); a general fund ending fund balance of about $16.5 million and an unassigned balance of roughly $16.2 million (about 15 months of operating reserves). Total general fund revenues were reported near $11.8 million with expenditures near $12.3 million; capital projects, transfers and timing explained part of the variance.
Auditors told councilors that the ARPA fund was closed during the year after about $1.4 million in capital outlays (noted as purchases such as radios) and that the single-audit did not identify questioned costs or compliance exceptions for the ARPA program.
Council members used the presentation to request clarifications in the audit notes and supporting schedules. Councilor Prince asked about a 2024 payroll-related deficiency that auditors said had been addressed and did not recur in FY25. Other councilors asked staff to provide more detailed line-item breakdowns for “due from/due to” interfund balances, right-to-use lease accounting under GASB 87, and capital-project reconciliations; auditors pointed to the notes and offered to provide contacts for follow-up.
Mayor Pro Tem moved to adopt the resolution accepting the audit; Councilor Prince seconded. The mayor called the vote and the measure passed unanimously.
What happens next: staff agreed to return with requested detail on interfund transactions, lease accounting disclosures and capital-project line items to improve council and public transparency.
