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External auditors give McKinney a clean FY2025 opinion, note GASB restatement
Summary
Weaver audit director Claire Wootton told the McKinney City Council the FY2025 audit yielded an unmodified opinion with no proposed adjustments or material weaknesses; the city recorded a GASB compensated‑absence restatement of $603,000 ($61,000 for component units).
Claire Wootton, audit director for Weaver, told the McKinney City Council on March 3 that the firm issued an unmodified opinion on the city’s FY2025 financial statements and on related federal and state single audits. "We're able to present a clean, unmodified opinion to you all," she said, and reported there were no uncorrected misstatements, no significant deficiencies and no material weaknesses identified during the audit.
Wootton described the audit approach as following generally accepted auditing standards and generally accepted government auditing standards, with interim fieldwork in September and final testing in December. She said auditors reviewed internal controls, utility revenue recognition and federal and state grant compliance and found no issues needing further communication to the council or management. The audit director also reported no independence matters and said management cooperated fully with auditors.
Wootton noted the city implemented a GASB standard for compensated absences this year, which required a restatement to recognize additional liabilities. "The city did implement the standard and it did provide a restatement of the city's financial statements to add to the liability, for the city of $603,000 in the component units of $61,000," she said. The auditor also reviewed actuarial reports for pension and OPEB liabilities and did not identify concerning assumptions.
Assistant Finance Director Chance Miller said the audited financials will appear on the regular meeting consent agenda for formal acceptance. Miller thanked staff for their work during the audit process and emphasized that the lack of proposed audit adjustments reflects well on the finance team's controls and processes.
