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Fredericksburg accepts fiscal 2024 audit; finance department praised for clean opinion and strong fund balance
Summary
The council accepted the city’s FY2024 financial audit, which included an unmodified (clean) opinion, audited total assets of about $154.5 million, and a general‑fund unassigned balance of roughly $15.6 million—about six months of expenditures per auditors' review.
Fredericksburg City Council accepted the city’s fiscal year 2024 financial audit after a presentation by Veil Bailey (auditor representative Kevin Randolph of Veil Bailey) and staff. The independent auditor issued an unmodified (clean) opinion on the city’s financial statements.
Auditor Kevin Randolph summarized highlights: total assets of about $154.5 million, including $42.1 million in cash and investments and $88.4 million in capital assets; total liabilities about $76.4 million, including an actuarial pension liability of about $19.9 million for TMRS. Governmental‑fund assets totaled about $22.3 million with a total fund balance near $19,996,127.
Randolph emphasized the city’s strong unassigned fund balance of about $15.6 million—roughly six months of general‑fund expenditures, well above the commonly recommended three months threshold. Governmental revenues totaled roughly $28.5 million; governmental expenditures were about $37.3 million, with capital outlay around $10.2 million tied to one‑time projects such as city‑hall work.
The audit included a federal single‑audit (grant compliance) because the city exceeded the $750,000 threshold in grant expenditures; auditors reported a clean result on the compliance work. Randolph and Council praised Finance Director Krista and the finance team for preparedness and cooperation during the audit.
Council voted to accept the audit by voice vote. No follow-up motions were made beyond thanking staff and the audit team.
Ending: Acceptance of the FY24 audit gives the city its official financial statements and a documented clean audit opinion; staff and auditors will continue to work on follow-up items noted in audit adjusting entries and on the city’s investment reporting.
