Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Fremont council receives clean FY2025 audit, auditor flags new GASB compensated-absence reporting
Summary
Auditors presented a clean (unmodified) opinion on the City of Fremont’s FY2025 financial statements but included an emphasis-of-matter about implementing GASB Statement No. 101 on compensated absences; council voted 8–0 to receive the audit.
The City of Fremont City Council received the audited financial statements for the fiscal year ending Sept. 30, 2025, and voted 8–0 to accept the report. Colby, director of audit with Forbes Mazars, told the council the auditors issued "a clean or unmodified opinion on those financial statements," while calling attention to an emphasis-of-matter paragraph tied to implementing GASB Statement No. 101 on compensated absences.
Finance Director Jennifer Knapp and Colby walked the council through highlights, saying the city expended roughly $3,100,000 related to the Coronavirus State and Local Fiscal Recovery Funds out of about $4,000,000 in federal expenditures and that the single-audit work produced a clean compliance opinion. Knapp warned that the city is "moving in to the time where we're using the rest of our reserves," and that rising costs may reduce near-term flexibility.
The auditors flagged one proposed audit adjustment the city elected not to record related to internal service fund allocation but reported no material weaknesses in internal controls. Council moved to receive the audited financial statements and the motion carried 8–0.
