FY2025 Annual Financial Report

At a glance

Based on the approved minutes, which summarize rather than transcribe.

What: presentation of the Fiscal Year 2024-2025 Annual Comprehensive Financial Report (ACFR) and fund balance report.
Result: a clean audit with an unmodified opinion and the GFOA Award for Excellence in Financial Reporting. There was one audit finding, already corrected; an additional level of review was added to all invoices. The single audit report was delayed by the federal government shutdown.
Uncorrected misstatement: Robotti asked about a noted misstatement; staff said it came from shortening the period that sales and facilities taxes accrue after year end from 90 to 60 days, which recorded one fewer distribution in FY25 and gives correct reporting in FY26.

Chief Financial Officer Byron Hayes and Lee Ann Watters of Cherry Bekaert presented. Information item; no vote. Separately, the FY2026 first quarter financial and budget administrative report drew no questions.

FY2025 Annual Financial Report0