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City audit shows clean opinion, reports mixed fund and position figures
Summary
The city's independent auditor presented a 2025 audit with an "unmodified" opinion, summarized the general fund balances and key figures including a reported $21.7 million increase in net position and noted two findings related to federal awards testing.
Dan Bradley of Young Oaks and Brown presented the city's 2025 audit and said the firm issued an "unmodified or a clean opinion" on Altoona's financial statements for the year ended Dec. 31, 2025. Bradley walked the council through the balance sheet, statements of activities, and the governmental funds reconciliation.
Bradley read selected figures from the report: a governmental net position of $500,835,000 and a reported net investment in capital assets of $507,000,005.71; he also said the city recorded a $21,678,000 increase in net position for 2025. On the general fund, Bradley said the total fund balance was $20,155,000 with $17,009,000 unassigned, and he described components that drive the reconciliation between fund balance and net position.
The auditor noted required GASB disclosures, said the audit tested a large portion of federal award expenditures (about 78% of the $7.6 million reported federal spending) and identified two findings listed in the report. Bradley offered to answer questions and explained that a "clean" opinion means auditors did not identify material misstatements given established materiality thresholds.
