Westminster receives clean audit for 2025; auditors flag upcoming GASB standards

Forbes Mazars presented Westminster’s FY2025 financial-statement audit on July 20 and issued an unmodified opinion, meaning auditors found the statements to be materially correct.

Carmen Jeffries, the managing director for the audit engagement, told the council the firm obtained reasonable assurance through standard sample testing and found no material weaknesses or significant deficiencies in either the financial statement audit or the single audit of federal funds. "You have an unmodified opinion," Jeffries said. She noted auditors identified a presentation adjustment with zero net impact that moved debt principal amounts to their correct line items for clarity.

Jeffries also previewed upcoming Governmental Accounting Standards Board (GASB) pronouncements (notably GASB 103 and 104) that will change how operating and nonoperating revenues and certain capital-asset disclosures are presented. She said staff and the firm will begin planning now so the city is prepared when the standards take effect.

Councilors praised the finance team for consistent controls and succession planning amid staff turnover; auditors said Westminster’s strong internal practices contributed to the favorable result.

Next steps: staff and auditors will collaborate in the fall to analyze the effect of the new GASB standards on presentation and disclosure for future audits.