Presentation of the FY25 audit of Laramie County. (No action required)

Summary

The Laramie County Annual Financial and Compliance Report for Fiscal Year 2025 received an unmodified audit opinion from CliftonLarsonAllen LLP, indicating sound financial reporting and compliance with federal programs. The County's financial position strengthened, with net position increasing by $25,142,541 to $315,483,444, and governmental funds growing by $9,403,422 to $175,292,866.

Key Financials:

• Revenues: Governmental revenues increased by $2,721,032, primarily from shared tax revenue and investment earnings. Property taxes rose to $33,561,758.
• Expenses: Total governmental expenses increased to $101,527,476, with significant spending in public safety ($44,667,264) and general government ($32,352,934).
• Assets & Liabilities: Net capital assets grew by $22 million (7.7%) to $159,105,058. The County's net pension liability is $23,230,862, with Law Enforcement contribution rates scheduled to increase from July 1, 2025.
• Projects: The voter-approved 1% sales and use tax (SPOT) continues to fund projects like a senior center and infrastructure. The County has 12 active construction contracts totaling $1,077,525 in future capital expenditures.

The audit identified no material weaknesses or significant deficiencies in internal controls or compliance.

Citizen Impact

The County's strong financial health and clean audit ensure efficient use of taxpayer money. Residents will see continued investment in public safety and infrastructure, funded by property and sales taxes, including the SPOT tax for specific community projects like the senior center.

Confidence

high