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Auditors give Bloomington a clean opinion on 2025 finances; federal compliance finding small
Summary
Redpath & Company reported an unmodified (clean) opinion on Bloomington’s 2025 financial statements and no state‑compliance or internal‑control findings; auditors noted a repeat federal single‑audit compliance finding totaling $4,184 related to housing choice voucher tenant file documentation. Council accepted the report 7–0.
External auditors from Redpath & Company presented the results of the City of Bloomington’s 2025 audit at the June 15 council meeting.
Andy Herring, a partner at Redpath, said the firm issued an unmodified opinion on the city’s financial statements and observed no findings related to internal controls over financial reporting or state legal compliance. "The overall results: an unmodified opinion was issued on the financial statements," Herring said.
During the federal single audit required for entities expending more than $1 million in federal funds, auditors tested the housing choice vouchers program and found one repeat compliance finding carried from 2024: missing tenant‑file checklists and two instances of incorrect housing assistance payment calculations (one due to a lease change and one because a tenant underreported income). The auditors quantified the questioned costs at $4,184 and described the finding as under remediation.
Herring also highlighted fund‑balance figures: a 2025 general‑fund balance of about $55.3 million with $49.7 million unassigned, and an actual use of fund balance ($278,000) notably better than the final budgeted $6.7 million drawdown.
Council member Nelson asked about possibilities to recoup the small compliance cost; staff said they would follow up. Council voted 7–0 to accept the city's annual comprehensive financial report for 2025.
