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Council accepts 2025 audit, approves $443,300 sales-tax transfer
Summary
An independent auditor presented the 2025 audit and the council voted to accept the report and approve a $443,300 transfer of local sales-tax funds to the public-safety facility capital fund; the auditor flagged no compliance issues and noted one-time litigation proceeds bolstered utility reserves.
The Waite Park City Council voted to accept the city's 2025 audit and approved a $443,300 transfer of local sales-tax proceeds into the public-safety facility fund.
Auditor (S6) told the council the audited financial statements “are presented fairly in our opinion,” and walked through the statement of net position and fund activity. He said the city issued just over $30,000,000 in bonds in 2025, largely to fund the public-safety facility, and that the general fund ended 2025 with roughly nine months of operating expenditures in unassigned fund balance. S6 also noted a one-time, nonoperating water-fund receipt of about $1,100,000 from litigation proceeds that materially increased that fund's 2025 revenues.
Councilmembers asked about debt-service timing and payments. Committee member (S4) confirmed that interest payments are semiannual and the first principal payment was made in June; Auditor (S6) provided the schedule and approximations for interest and principal timing. After discussion, Committee member (S4) moved to accept the audit and approve the sales-tax transfer; the motion was seconded and adopted by voice vote.
The auditor reported no instances of noncompliance in the items tested and noted two upcoming GASB standards (GASB 103 and GASB 104) that could change financial-statement presentation in 2026. Chair (S3) and other councilmembers thanked Auditor (S6) and city staff for the audit work and the clarity of the report.
