Ivins's FY2025 audit: no findings, a clean opinion, $4.4 million in developer deposits

What the auditor found

Larson & Company, of Spanish Fork, dated its reports Oct. 31, 2025. It gave an unmodified opinion, the city's transmittal letter says, that the statements are fairly presented in conformity with generally accepted accounting principles. ^[4][1]

The firm's report on internal control over financial reporting says it did not identify any deficiencies it considers material weaknesses, while noting that its review was not designed to find all of them. Its tests of compliance disclosed no instances of noncompliance required to be reported. ^[2]

The firm's state compliance report says the city complied, in all material respects, with the requirements tested in 12 areas: budgetary compliance, fund balance, restricted taxes and related resources, enterprise fund transfers, impact fees, the public treasurer's bond, fraud risk assessment, governmental fees, cash management, tax levy recognition, Utah Retirement Systems, and open and public meetings. ^[2]

The schedule of findings and questioned costs lists no financial statement or state compliance findings for the current or prior year. ^[3]

Balances in the report

The governmental funds balance sheet reports a General Fund balance of $4,781,209 and total governmental fund balances of $15,110,724 at June 30, 2025. It also records $4,426,749 in developer deposits as a General Fund liability. ^[5]

A date in the opinion paragraph

The published auditor's report on Ivins's fiscal 2025 financial statements refers in its opinion paragraph to the city's financial position "as of June 30, 2024," a year earlier than the period the rest of the report covers. ^[1]

The report's first paragraph says Larson & Company audited the financial statements "as of and for the year ended June 30, 2025." The cover, the city's transmittal letter and the firm's other reports also identify fiscal 2025. ^[1][4][2]