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Platteville auditor reports 'clean' 2025 financial opinion; single‑audit testing triggered by fire facility grant
Summary
Johnson Block presented the city’s 2025 audited financial statements, issuing an unmodified opinion and reporting a general fund reserve of about 34% of expenses; the firm said a single‑audit is required because federal grant spending related to the fire facility exceeded the $1 million threshold.
Quinn Mitchell of Johnson Block told the Platteville Common Council on June 23 that the firm issued an unmodified (clean) opinion on the city’s 2025 financial statements, covering the general fund, capital projects, TIF districts, water and sewer utility and the housing authority.
"We issued an unmodified opinion on those financial statements, so that's a clean opinion," Mitchell said, and summarized changes across funds. She said the general fund ended 2025 with a fund balance equal to roughly 34% of expenses, comfortably above the city's 20% reserve policy. Mitchell noted the capital projects fund decreased in 2025 where debt issued in prior years was spent down, while the pool project debt issued in 2025 will carry spending into 2026.
Mitchell said the city will require a single‑audit because federal spending for the fire facility exceeded the new $1 million threshold for federal expenditure testing (previously $750,000), and that single‑audit testing will be completed by Sept. 30. She also highlighted the new storm damage fund created to account for 2025 hail‑damage insurance proceeds and an increase in TIF 7 driven by increment sharing from TIF 5.
On utilities, Mitchell reported combined water and sewer net position increased by about $1.3 million and reminded the council that due to accrual accounting, net income may not translate directly to near‑term cash due to timing of debt issuances and payments. She flagged an upcoming GASB disclosure change in 2026 that will require more note disclosure on budget variances and said she will coordinate with staff on how to implement it.
Council members had few questions; the presentation closed with Mitchell offering to assist further during single‑audit testing. The audit report and required communication letter were included in the council packet.
