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Independent auditor issues clean opinion on Dublin City's FY25 financial statements
Summary
Nichols Collie's auditor presented the city's FY25 comprehensive financial report and said the firm issued an unmodified (clean) opinion, reported no internal-control findings, and summarized fund balances, enterprise fund positions and SPLOST investments.
Greg Chapman of accounting firm Nichols Collie told the Dublin City Council on Feb. 5 that the firm issued an unmodified — or "clean" — opinion on the city’s FY25 financial statements and found no internal-control findings, material weaknesses or significant deficiencies. "The result of our audit is an unmodified which is what we call a clean opinion," Chapman said.
Chapman said the firm is finishing the single audit required for federal awards and described a change in accounting under GASB that required the city to restate beginning balances for compensated absences. He summarized key figures from the comprehensive financial report: general-fund revenues of about $17.5 million, expenditures of about $19.2 million, an excess of expenditures over revenues of roughly $1.6 million, net transfers in of about $5 million and a net positive change in general-fund balance of approximately $3.3 million, yielding an ending general-fund balance just under $9.9 million.
On enterprise funds, Chapman said the water and sewer fund ended the year with roughly $34 million in net position (not directly spendable cash because much is tied to capital assets), natural gas had just over $12 million unrestricted net position and sanitation about $4.2 million. He also noted the city invested about $6.6 million of SPLOST proceeds in water, sewer, public safety and public-works projects during the year.
Mayor and council members thanked the finance staff. Blake Daniels, identified in the meeting as the city treasurer, was singled out by the mayor during remarks for his role preparing the report. Chapman said the city had again submitted a complete annual report for the Government Finance Officers Association review and that Dublin has received a certificate of achievement for excellence in financial reporting for 37 consecutive years.
What happens next: the comprehensive financial report and the auditor's required communications are available on the city's finance department webpage, and the single-audit work remains in process for federal-award reporting.
