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Temple Terrace audit returns unmodified opinion; unassigned fund balance down after planned spend‑down
Summary
External auditor Forvis Mazars delivered an unmodified opinion on the City of Temple Terrace’s financial statements for fiscal year ending Sept. 30, 2025, reporting no material weaknesses and a successful federal single audit; council accepted the report unanimously.
The City of Temple Terrace received a clean annual audit for the fiscal year ended Sept. 30, 2025, the council heard July 7. Jeff Wolf, the city's external auditor, said his firm issued an unmodified opinion — the highest level of assurance — and reported no material weaknesses or significant deficiencies in internal control.
“We had an unmodified opinion,” Wolf said during his presentation, adding the audit also produced a clean report on compliance with investment statutes and a single‑audit with no findings related to federal relief funds. Wolf noted a GASB change affecting compensated absences was applied but did not materially change the financial statements.
Finance Director Jim Ingram and council members emphasized that the city remains in a strong fiscal position despite planned draws on reserves. Wolf highlighted the unassigned general fund balance declined from roughly 55% the prior year to about 35% this year — a planned spend‑down approved in the budget process.
Council member Fernandez urged residents to follow upcoming budget workshops to see how the remaining fund balance will be allocated. Council moved to accept the audit and unanimously adopted the resolution to accept the ACFAR.
The auditor also noted the city met the federal single‑audit threshold (one million dollars) but did not meet the state threshold of $750,000; the city had one major program related to the Coronavirus Fiscal Recovery Funds, which passed compliance testing with no findings.
