Auditors issue clean opinion on Castle Pines' 2024 financials; restatement explained

Independent auditors presented the City of Castle Pines 2024 audit during the July 8 regular meeting and delivered an unmodified (clean) opinion. The finance director introduced the engagement and noted the audit team (Haney & Company) had completed remote field work; auditors said, "they're issuing a clean opinion, and they're here to speak about that." The auditor summarized procedures, outreach with the finance staff, and confirmed no uncorrected or corrected misstatements that would affect the audit opinion.

Auditors explained a restatement of beginning net position to reflect a transferred asset recorded in the stormwater activity and to allocate pension/OPEB activity to the newly included stormwater fund. The presenters emphasized the restatement did not change the firm's opinion on the financial statements. They also reviewed key financial highlights: net position improved year‑over‑year (assets exceeded liabilities by about $104.7 million), capital assets represented the majority of assets, and revenue increases were driven primarily by property taxes and investment income. Auditors noted several GASB pronouncements that will affect future disclosures and recommended staff monitor upcoming reporting changes.