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Audit finds clean opinions on North Salt Lake FY2025 financial statements and federal programs
Summary
K& C CPAs delivered an unmodified (clean) opinion on the City’s FY2025 financial statements and a clean single‑audit on federal programs; auditors reported no internal control deficiencies and noted $1.1 million in federal awards tested and roughly $4M in developer contributions recorded as in‑kind capital improvements.
K& C CPAs partner Stephen Rowley reported to the council that the FY2025 financial audit resulted in an unmodified (clean) opinion on the city’s financial statements and no findings under government auditing standards. “In our opinion, the financial statements included here are materially correct in accordance with generally accepted accounting standards,” Rowley said. He told the council auditors identified no material weaknesses or significant deficiencies in internal control over financial reporting and no compliance findings related to federal or state programs tested.
Rowley highlighted that the fiscal statements reflected $1.1 million in federal awards during FY2025 that were tested under the single‑audit standards. He and staff explained a substantial, one‑time component of reported water business‑type revenue: in‑kind developer improvements (about $4 million) were recorded as capital grants/contributions in the year, increasing the capital grants slice on the revenue pie. Finance Director Heidi summarized statistical trends including overlapping property tax rates and sales‑tax payers; councilors asked for clarifications on the water contribution presentation and on top taxpayer listings.
Council thanked auditors and staff for the thorough work; the report will be distributed to the council and posted with the city’s financial records to support public transparency.
