The City-County Audit Committee of Indianapolis convened on July 25, 2025, to discuss significant updates regarding financial reporting standards and audit results for the city and county. The meeting primarily focused on the adoption of new accounting standards and the outcomes of recent audits.

One of the key topics was the adoption of two new accounting standards from the Governmental Accounting Standards Board (GASB). The first, GASB 100, addresses accounting errors and corrections, impacting how funds are reported in financial statements. This change introduces a "ghost column" for major funds, allowing for more flexible reporting as funds may shift in and out of major status based on spending and cash holdings. The second standard, GASB 101, pertains to compensated absences, updating how governmental entities record employee time off, such as sick leave and vacation. While these changes are not expected to have a significant impact on the city and county's financial statements, they require a review of existing policies to ensure compliance.

The committee also reviewed the results of the city and county's single audits. Both entities received clean, unmodified opinions on the programs tested, indicating no internal control or compliance issues. The city was noted as a high-risk auditee due to a previous audit finding, which increased the testing required this year. However, with no findings reported for the current year, the city is expected to be classified as low risk in the next audit cycle. The county, having maintained a clean record over the past few years, was classified as low risk and underwent testing of two major programs.

The meeting concluded with acknowledgments of the contributions from various departments and individuals involved in the audit process. The committee emphasized the importance of transparency, encouraging public review of the financial reports and presentations available on the Office of Finance and Management's website. Overall, the discussions highlighted the city's commitment to maintaining sound financial practices and accountability to taxpayers.