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Selma council accepts fiscal 2024 audit; city reports $38.7 million portfolio at Dec. 31
Summary
Selma City Council accepted the annual financial audit for period ending Oct. 31, 2024, and approved the quarterly investment report for period ending Dec. 31, 2024, after hearing an auditor presentation that the city’s financial statements were materially correct.
The Selma City Council unanimously accepted the annual financial audit for the period ending Oct. 31, 2024, and approved the quarterly investment report for the period ending Dec. 31, 2024, after an auditor told the council the city’s financial statements are "materially correct."
Jacob Toomey of Armstrong and Vaughn presented the audit and told the council, "Y'all got the good audit report, y'all's audit, and y'all's financial statements are materially correct." Toomey said the city’s government‑wide assets exceeded liabilities by about $58,600,000 and that the general fund’s combined fund balance is $20,700,000. He attributed much of the year’s growth to higher permitting revenues, ad valorem taxes and sales taxes and said business‑type activities (water and sewer) showed a net position increase of about $1,100,000.
Regarding investments, staff said the city’s combined financial portfolio balance as of Dec. 31, 2024, was $38,662,836.23, an increase of approximately $3,200,000 driven by property tax receipts and higher‑than‑anticipated interest income. The presentation noted interest income exceeded projections by roughly $835,000.
Councilmember Palmer moved to accept the annual audit; Councilmember Pulaski seconded and the council voted in favor. A separate motion to approve the quarterly investment report was made and seconded by Councilmember Harris; the council voted to approve that report as presented.
Toomey also reviewed required audit components, including the independent auditor’s report, management’s discussion and analysis, financial statements, and footnotes. He told the council there were no disagreements or difficulties during the audit and that the city was in compliance with the Public Funds Investment Act as presented to the council.
The auditor and staff contact information was provided to council members during the presentation. Council members did not request additional follow‑up items during the meeting, but staff will continue regular financial reporting.
