Petersburg Borough receives clean BDO audit for 2025; small lease reporting note disclosed
March 03, 2026 | Petersburg Borough, Alaska
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BDO assurance partner Vicky Shrestha told the Petersburg Borough Assembly that the firm issued an unmodified (clean) opinion on the boroughs 2025 financial statements and on its federal and state single audit.
The audit team reported no material weaknesses or significant deficiencies. Auditors listed one control deficiency carried over due to the size of the organization, and a small uncorrected misstatement related to leases that management chose not to record; auditors said the amount is immaterial to the financial statements.
Shrestha described the audit scope and approach, noting the work focused on material amounts and compliance requirements because the borough receives federal and state funding that triggers single-audit rules. She called attention to a GASB pronouncement related to sick-leave liabilities that affected some component units but said it had no material effect on the boroughs primary statements for 2025.
BDO summarized the boroughs key figures: total assets for governmental activities were reported at about $71.9 million, with roughly $38 million in capital assets and about $24.7 million in cash and investments; total governmental revenues were reported at about $14.6 million and total governmental expenditures at about $14.2 million. The auditors also reviewed business-type activity results and noted transfers and capital contributions that affected net position.
Shrestha said the audit and single-audit reports were completed and printed on Feb. 10, 2026, and that all requested records were available for inspection during the engagement.
The assembly had no questions and accepted the presentation. The audit will be included in the boroughs official financial package.
The audit team reported no material weaknesses or significant deficiencies. Auditors listed one control deficiency carried over due to the size of the organization, and a small uncorrected misstatement related to leases that management chose not to record; auditors said the amount is immaterial to the financial statements.
Shrestha described the audit scope and approach, noting the work focused on material amounts and compliance requirements because the borough receives federal and state funding that triggers single-audit rules. She called attention to a GASB pronouncement related to sick-leave liabilities that affected some component units but said it had no material effect on the boroughs primary statements for 2025.
BDO summarized the boroughs key figures: total assets for governmental activities were reported at about $71.9 million, with roughly $38 million in capital assets and about $24.7 million in cash and investments; total governmental revenues were reported at about $14.6 million and total governmental expenditures at about $14.2 million. The auditors also reviewed business-type activity results and noted transfers and capital contributions that affected net position.
Shrestha said the audit and single-audit reports were completed and printed on Feb. 10, 2026, and that all requested records were available for inspection during the engagement.
The assembly had no questions and accepted the presentation. The audit will be included in the boroughs official financial package.
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