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Auditor presents 2025 financial report, notes major general fund decline
Summary
At the July 14 meeting, auditor Marla Coates presented the town's 2025 audit, saying the firm issued a clean (unmodified) opinion and reporting a $990,000 drop in the general fund and mixed results across utility funds; no formal vote on the audit is recorded in the transcript.
The Rangely Town Council on July 14 received a presentation of the town's 2025 financial audit from auditor Marla Coates, who identified herself as owner of Carlos CPA Services. Coates told the council the firm issued an unmodified ("clean") opinion on the town's 2025 financial statements and walked members through the management discussion and the financial statements.
"The town, we gave an unmodified opinion," Coates said, explaining auditors trace balance-sheet accounts to bank statements and test revenue and expense transactions. She directed council members to the management discussion and analysis (pages 3'8) for a year-over-year overview and noted that the core financial statements begin on page 12.
Coates reported the general fund decreased its fund balance by $990,000 and that other governmental funds decreased by just over $115,000 for the year. She said enterprise (utility) results were mixed: the gas fund increased its net position while the other two enterprise funds decreased theirs. On business-type activity, she said those activities "decreased by just over 550,000 for the year." The auditor also described net-position changes on a full-accrual basis; one line in the transcript about the full-accrual net position reads as "just over 800 and, $5,000," a phrasing that is unclear in the record.
Coates emphasized differences between full-accrual and modified-accrual presentations (for example, depreciation appears in full-accrual statements but not in budgetary, modified-accrual statements) and reviewed cash-flow statements to show how cash balances can move differently than accrual-based net position. She also explained the town holds a "public giving fund" as a fiduciary trust and that the council serves as trustee for those funds.
The agenda item announced "discussion and action to accept the 2025 audit from Colorado CPA Services." The transcript records the presentation and discussion but does not include a recorded motion, mover/second, or vote tally in the provided segments. The presenter's firm name appears differently in the record (the agenda text reads "Colorado CPA Services," while the presenter identified her business as "Carlos CPA Services"). This report preserves both references and attributes direct quotes to Coates as spoken in the meeting.
