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River Falls council accepts clean 2025 audit; $4.13M developer contribution reclassification noted
Summary
The council accepted the city's 2025 audit after auditors issued an unmodified opinion. Auditors presented a material accounting adjustment moving about $4.13 million in developer capital contributions from liability to committed fund balance; auditors said the change did not affect total assets or the clean opinion.
Finance director Josh Salinger and auditor Jonathan Sherwood of CliftonLarsonAllen presented the city's fiscal-year 2025 audit at the Aug. 25 meeting. Sherwood said the audit resulted in an unmodified (clean) opinion and reinforced that the financial statements are free of material misstatement.
Auditors reported one material finding: a change in accounting treatment that moved approximately $4,130,000 of previously collected developer capital contributions from the liability (unearned revenue) section to committed fund balance. Sherwood said the adjustment reflects an accounting-standard change and does not alter the city's cash or total assets.
Salinger summarized key fiscal metrics cited in the audit: a combined net position across governmental and proprietary funds and an increase in unassigned general-fund balance ($421,000 change). The council voted to approve the resolution accepting the audit.
What happens next: The city will finalize the federal single-audit filings required when federal funding thresholds are met; auditors said they did not anticipate federal compliance findings based on current testing.
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