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Post Falls accepts FY2025 audit; auditors report no findings
Summary
Council accepted the city's FY2025 annual comprehensive financial report and audit. Finance director Jason Falner reported the auditors found no material adjustments or findings. Staff highlighted enterprise fund results and a reclaimed-water loan draw as drivers of changes in net position.
The council approved the City of Post Falls’ FY2025 Annual Comprehensive Financial Report (ACFR) after the finance director summarized the audited statements and audit process.
Jason Falner told the council auditors found no findings and no adjustments to the financial statements. He reviewed highlights including enterprise‑fund operating results (combined operating income across water, reclaimed and sanitation), capital contributions, and a large net change in the reclaimed-water enterprise driven by a loan draw. Staff said internal preparation and coordination with auditors minimized on‑site issues and that the full 142‑page report and notes will be available on the city website.
Council asked clarifying questions about fund balances, restricted assets, bond and loan balances (noting wastewater debt and payoff of water debt in previous year), and how fund balances relate to the city’s fiscal flexibility. Finance staff described internal assigned fund balances and policy targets (roughly three months of expenditures as a reserve) and offered to provide the popular annual financial report (a citizen‑friendly summary) when finalized.
The council approved the ACFR on roll call.
