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

City finance staff and external auditors presented the FY2025 Annual Comprehensive Financial Report (ACFR) to the City Council on June 15. Auditor David Irwin of Mauldin & Jenkins reported an unmodified (clean) opinion on the financial statements and on the single audit, and said the firm noted no audit findings or material weaknesses in internal controls.

Irwin told council his firm audits hundreds of governments and that an unmodified opinion indicates the financial statements are "fairly presented in all material respects." He added the single audit opinion was also clean and that the city reported around $41 million in federal expenditures during FY25.

Finance Manager Brian Demas highlighted key financial metrics from the ACFR: a net position increase of approximately $773 million across all city funds, a roughly $10 million increase in business-type revenues, and a $5.8 million increase in governmental expenses attributed to development costs, street maintenance and employee costs. Demas recommended readers focus on the management’s discussion and analysis and the notes to the financial statements for context and line-item detail.

Councilors asked auditors about administrative overhead allocation methods; Irwin said allocation methodology is a management and governance decision and that the auditors test calculations and consistency but do not prescribe a single method: "we evaluate whether the resulting financial information is again fairly presented in accordance with general accounting principles." Council also questioned pension liabilities and fund timing related to airport construction grants; auditors and staff explained those are timing and reporting matters addressed in notes and grant schedules.

Council accepted the presentation and voted 7–0 to receive and file the ACFR.