Proctor council accepts 2025 audit showing ‘no findings’ and $1.4M in discretionary funds

Proctor City Council on July 20 accepted the city’s 2025 audited financial statements after a presentation by auditor Zach Sharp of WIPFLI and adopted Resolution 20‑26 to accept the audit.

Sharp told the council the firm was issuing “an unmodified opinion on the financial statements,” a standard term that means the auditors consider the statements materially correct. He said the audit showed “no findings this year,” noting prior years’ findings had been resolved or reinterpreted by the auditor’s office.

Sharp highlighted key numbers in the statements: roughly $9.25 million in total governmental fund balances, more than $7 million of which are restricted for specific purposes, and about $1.4 million in unassigned (discretionary) fund balance available for council budgeting decisions. The auditor also described approximately $12.5 million in total governmental‑fund assets and roughly $20 million in assets across proprietary funds such as utilities.

Councilor Duol moved to adopt Resolution 20‑26 accepting the audited financial statements; Councilor Johnson seconded the motion. The council approved the resolution by voice vote.

The auditor’s presentation also touched on fund structure, interfund advances, and long‑term obligations (about $8 million in debt and leases), and noted significant interest income on investments for 2025. Sharp encouraged council members to consult the detailed 91‑page financial statements and the accompanying footnotes for a full breakdown of receivables, capital assets, and long‑term obligations.

With the resolution adopted, the audit record will be part of the city’s official financial statements for 2025. The council did not identify additional follow‑up items during the acceptance vote.