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County accepts FY2025 audit despite property tax reconciliation qualification
Summary
External auditors presented an otherwise unmodified (clean) opinion on Torrance County's FY2025 financial statements while qualifying opinion elements tied to property tax receivable schedules that could not be verified; commissioners approved Resolution 2026-15 accepting the audit report.
Joe Ortiz, audit partner with TKM, presented the FY2025 Comprehensive Annual Financial Audit and said auditors issued an unmodified (clean) opinion on the county's financial statements overall but qualified certain fund opinions related to property tax receivables because supporting schedules were incomplete or could not be verified. The auditors noted a roughly $327,000 adjustment tied to capital assets cleanup and cited implementation of GASB 101 (compensated absences) that increased reported sick-leave liabilities.
The Commission voted to accept the audit and approved Resolution No. 2026-15 by roll call (Schwebach, McCall, Jaramillo voting yes). Ortiz emphasized the audit provides reasonable assurance but identified remaining issues for management attention—chiefly property tax reconciliation and capital asset cleanup—with remediation efforts planned for FY2026. "Overall: Unmodified (clean) opinion," Ortiz stated in his overview of the audit results.
