Finance Committee accepts FY2025 audit, flags water and sewer cash shortfalls and emergency mains

The Finance Committee voted to accept and place on file the city’s fiscal year 2025 financial audit and used the audit presentation to discuss weakened cash positions in the water and sewer funds and upcoming emergency main work.

John, a staff member who presented the audit highlights, told the committee that “the audit went well” and that auditors issued a “cleaner, unmodified opinion,” meaning the city’s financial statements were prepared in compliance with generally accepted accounting principles and auditors reported no material findings on compliance.

The audit presentation and committee discussion outlined the main budgetary changes and near-term concerns. The general fund’s change in fund balance increased by about $474,000 during the year; the general fund rose from roughly $2.3 million to about $2.8 million, a position staff described as improving though still below a six-month reserve target. Library fund cash rose sharply — staff said library cash increased by…