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External auditor reports unmodified opinion; no internal control findings
Summary
Mays and Associates audit partner Whitney Crockett reported an unmodified opinion on the FY2024''25 financial statements, noted increases in net position and fund balances, and said implementation of two GASB standards had no material impact; the committee recommended council acceptance.
Whitney Crockett, audit partner with Mays and Associates, presented the draft audited financial statements for FY 2024''25 and said the audit opinion was unmodified — the highest level of assurance. She reported governmental activities net position increased by about $2,620,000 to roughly $17.8 million and combined governmental fund balances rose by about $2,870,000 to approximately $14.59 million.
Crockett also highlighted that there were no internal control findings or deficiencies to report and discussed the effects of GASB 101 (compensated absences) and GASB 102 (certain risk disclosures), which the audit team said were not material to the city's statements. Committee members asked detailed questions about pension accounting discrepancies between staff and the audit report; Crockett explained differences arise from measurement dates and actuarial roll-forward conventions and agreed to provide follow-up worksheets.
