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Temple Terrace receives clean audit; council accepts FY2025 comprehensive financial report
Summary
External auditors issued an unmodified opinion on the City of Temple Terrace FY ending 09/30/2025; council accepted the annual comprehensive financial report and noted an expected, planned spend‑down that reduced unassigned fund balance from about 55% to 35%.
Temple Terrace’s external auditor delivered a clean, unmodified opinion on the city’s fiscal year that ended Sept. 30, 2025, and the city council voted to accept the annual comprehensive financial report on July 7.
Jeff Wolf (auditor) said the audit followed the firm’s updated methodology after a recent acquisition and found no material weaknesses or significant deficiencies. The city’s single‑audit threshold was exceeded at the federal level because of the American Rescue Plan Act (ARPA) funds, and the auditor reported no findings related to that program. An independent accounts report on statutory investment compliance was also clean.
The auditor highlighted a GASB update related to compensated absences that had no material impact on financial statements. He noted the city’s current ratio for governmental activities remained strong and that an intentional, planned use of fund balance reduced the unassigned fund balance from roughly 55% to about 35% year‑over‑year. Council members praised finance staff for improved reporting and transparency.
Council accepted the auditor’s reports and adopted the resolution to accept the annual comprehensive financial report.
