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DeSoto presents clean FY25 audit; auditors report no findings
Summary
City finance director Lakita Sevin and auditors from Forvis/Mazars presented the FY25 audit, reporting unmodified opinions and no reportable findings on internal control or compliance, noting healthy reserves and a 95.67% funded pension plan.
DeSoto's finance director Lakita Sevin opened a March 30 work session by presenting the city's fiscal year 2025 audit and inviting audit firm representatives to brief the council. Auditor Josh Finley, lead engagement executive, said the audit covered the year ending Sept. 30, 2025, and that the city received clean, unmodified opinions on its annual comprehensive financial report.
"I'm pleased to announce that for our fiscal year 25 audit, we had no findings," Sevin said. Auditor Tiffany Montalvo added that the single-audit triggers (the city expended $1,800,000 in federal awards) were reviewed and produced no reportable compliance findings. The auditors described a handful of non-material adjustments (conversion from modified accrual to full accrual, and updates tied to GASB standards for pensions, OPEB and leases) and said there were no material weaknesses or significant deficiencies identified.
The presentation included a financial overview: staff and auditors said the combined funds identified in the ACFR totaled about $54.6 million (roughly 78% of next year's budgeted expenditures) and the core general-fund balance was about $33 million (about 55% of next year's expenditures). Sevin also noted the city's participation in TMRS and reported the pension plan was approximately 95.67% funded. Council members thanked staff and the auditors for the work, noting the GFOA award and the city's sustained reporting practices. The audit acceptance was later included on the consent agenda and approved by the council.
