Independent auditors issue clean opinion on Dubuque’s FY2025 financial report; no audit findings

City finance staff and independent auditors presented Dubuque’s fiscal year 2025 Annual Comprehensive Financial Report to council on June 15. Malden & Jenkins, the city’s external auditors, issued an unmodified (clean) opinion on the financial statements and a clean single audit covering federal expenditures, and reported no internal control deficiencies.

Auditor David Irwin told the council the firm found no material weaknesses or significant deficiencies and commended staff for responsiveness during an audit of a 200‑plus‑page report. Finance Manager Brian Deamos highlighted key figures in the management’s discussion and analysis: total net position rose to approximately $773 million for all city funds; business‑type operating revenues increased by roughly $10 million; and the general fund’s unassigned fund balance equaled about 42.9% of general fund expenditures.

Council members asked for clarification on cost allocation methodologies for administrative overhead. Auditor David Irwin said allocation methods vary by government and that auditors test the calculations for mathematical accuracy, consistency, and reasonableness; he said the city’s chosen method produced no material misstatement and was defensible. Staff and auditors noted specific fund timing issues related to grant reimbursements (for example, airport construction cash flow timing leading to a temporarily negative fund balance for that fund until grant receipts are recorded).

Council received and filed the ACFR; no formal corrective actions were required. Auditors and staff recommended continuing strong documentation and periodic review of allocation methods and grant‑reimbursement timing.