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Outside auditor reports clean opinion on Lackawanna financials for FY ended 07/31/2025
Summary
The council heard from the city’s outside auditor, who reported a clean opinion on the city’s financial statements for the fiscal year ending 07/31/2025, no internal-control material weaknesses, and no findings in the single-audit required for federal awards above $1,000,000.
City officials told the caucus that the city’s audited financial statements for the fiscal year ended July 31, 2025 received a clean opinion from the outside audit firm. Tom Smith, introduced by staff as the auditor from the outside accounting firm, summarized the engagement and key results.
"We did issue a clean or a modified opinion on financial statements," Smith said, adding that the firm found no material weaknesses or significant deficiencies in the city’s internal controls and that a prior-year finding related to timeliness of the AFR (annual financial report) was cleared. He also noted that a single-audit — required when an entity receives more than $1,000,000 in federal awards — produced no findings.
Council thanked the auditor for the presentation and noted the matter may be revisited if members have detailed questions after reviewing the report. The caucus recorded a vote of assent on acknowledging the presentation; staff said the auditor is available for follow-up questions.
