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Key Biscayne auditor issues clean opinion; general fund ends year near $31.9 million
Summary
An independent auditor told the council the village's fiscal-year financial statements received an unmodified (clean) opinion; staff and auditors reported fund balances of about $31.9 million and no material weaknesses or noncompliance in tested programs.
An external audit partner presented the Village of Key Biscayne’s annual comprehensive financial report and delivered an unmodified (clean) opinion on the village’s fiscal-year financial statements.
Andrew S. Fearman, partner in charge of the audit at the accounting firm, summarized key findings: the financial statements "present fairly in all material respects" and the village’s general fund total fund balance at Sept. 30, 2025, was approximately $31.9 million. He said auditors identified no significant deficiencies or material weaknesses in internal control and found no instances of noncompliance in the programs tested under the Florida single-audit requirements.
Fearman noted the report’s timing slipped from the village’s internal target because of a serious illness in the finance department but said submission met the state deadline of June 30. He encouraged council members to read the management discussion and analysis section for a concise summary of the year’s activity.
On a question about pension funding, Fearman said the village’s defined-benefit pension plans appear well-funded compared with typical plans he audits: "the village is positive in that respect." The council did not take formal action on the audit presentation; staff offered to follow up on any additional questions offline.
