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Foley accepts clean 2025 audit; staff report healthy fund balances
Summary
External auditors presented an unmodified opinion for Foley’s 2025 financial statements; auditors reported no legal compliance findings and noted healthy unassigned fund balance and bond proceeds for North Side Improvements.
The Foley City Council accepted the 2025 audit after a presentation by Ashley Maher of Schlener and Wer, who said auditors will issue an unmodified (clean) opinion on the city’s financial statements.
Maher told the council the audit encountered no significant errors or unusual transactions and no legal compliance findings. She noted actuarial estimates were used for pension liabilities, routine audit adjustments were made (none material), and internal control findings were minor. "For the city for 2025, we're issuing an unmodified or clean opinion," she said.
The presentation highlighted specific fund activity: the general fund had a decrease in fund balance of about $193,000 with a healthy unassigned fund balance (reported at about 130% of budget target), the North Side Improvements Fund reflected about $4.9 million in bond proceeds, and water and sewer funds showed increases in net position tied in part to PFA grants and settlement proceeds. Council moved to accept the audit; the motion carried.
Next steps: audit documents were accepted and staff will continue routine financial reporting and follow up on audit recommendations as needed.
