Title
Presentation and Possible Acceptance of the FY2025 Annual Comprehensive Financial Report with Auditor's Opinion and FY2025 Single Audit Report with Auditor's Opinion
Recommended Action
I move that Council accept the Annual Comprehensive Financial Report and Single Audit Report for the fiscal year ended June 30, 2025.
County Manager's Recommendation
The County Manager recommends that Council approve the motion as requested.
Body
The Annual Comprehensive Financial Report (ACFR) in Attachment B documents the County's financial position at the end of the fiscal year, and the results of its operations for that full twelve-month period. The Single Audit report in Attachment C documents the amount of federal funds the County spent during the fiscal year, the federal agency providing the funds and the auditor’s opinion on compliance for major programs.
Throughout the fiscal year, many departments and employees help the County record the County's financial activity through the decentralized financial system. Ultimately, the ACFR and Single Audit report results from this County-wide team effort. The County's ACFR for FY 2025 was submitted to the Office of the State Auditor by the deadline on December 8, 2025. The ACFR and Single Audit report were then reviewed and approved by the Office of the State Auditor. Notice of final approval was received on December 30, 2025 and January 6, 2026 respectively (see attachment A).
Hinkle + Landers, PC, an independent accounting firm, performed the audit for the fiscal year. The exit conference with the Audit Committee was held on December 2, 2025. The Auditor's Opinion (pages 1-4 of the ACFR) and the schedule of findings and questioned costs (page 10 of the Single Audit report) were discussed at that exit conference. The audit opinion is an unmodified "clean" opinion. There were no prior year audit findings and no findings for FY2025. The County received an unmodified and clean opinion.
The State Audit Rule 2.2.2.10 J. (3) (d) requires that the audit report shall be presented by the auditor to a quorum of the governing body at a meeting held in accordance with the Open Meetings Act. See Attachment D for the presentation. Finally, the Department of Finance and Administration (DFA) requires the Council Chair to sign the resolution in Attachment E as a required formality.
Physical copies of the FY2025 Annual Comprehensive Financial Report and Single Audit report have been distributed to Council mailboxes. Copies of the ACFR and Single Audit report will be available for public viewing primarily on the County web site, and physical copies will be placed at the Customer Care Center, Finance Division, and both the White Rock Branch Library and Mesa Public Library.
Fiscal and Staff Impact/Planned Item
Cost of the audit work performed by Hinkle + Landers, PC, which include special procedures to be performed on the electric resource pool, cost allocation plan, and lodger's tax is $77,796. Staff time is budgeted annually to accomplish this task.
Attachments
A - FY2025 State Auditor Authorization to Release Letters
B - Los Alamos County FY2025 Annual Comprehensive Financial Report
C - Los Alamos County FY2025 Single Audit Report
D - Los Alamos County ACFR Presentation with Hinkle + Landers, PC, Exit Presentation
E - Los Alamos Council Acknowledgement