Independent audit: Temple’s FY2024 finances show growth; auditors issue unmodified opinion

The City of Temple’s independent audit for the fiscal year ending Sept. 30, 2024, received an unmodified opinion from the accounting firm Brockway, Gershbach, Franklin & Niemeyer, city officials were told during a council meeting presentation.

Auditor Steven Niemeyer summarized key figures from the annual comprehensive financial report and the firm’s testing. Niemeyer said the city reported approximately $1.56 billion in assets and $934 million in liabilities; annual government‑wide revenues of about $314 million; payroll totaling about $90 million; operating expenses of roughly $178 million; and capital assets and debt payments examined of about $189 million. He said federal grant activity exceeded the single‑audit threshold: the city had about $225.7 million in federal grants and roughly $2.5 million in state grants.

Niemeyer said the audit was unmodified, meaning the auditors were able to verify balances and found no material misstatements; he also said the city complied with applicable federal and state requirements tested in the single‑audit. Niemeyer listed a series of indicators of growth: an estimated population of about 95,000 (a roughly 16% increase over five years), $107 million in permits in 2024, and revenue increases including a 15% rise in property tax revenue and a 3% increase in sales tax. He said the city received roughly $36 million in operating and capital grants during the year.

On the expense side, Niemeyer noted that water and sewer is the city’s largest expense category (about $56.3 million), followed by public safety (about $53.2 million). The city invested about $133 million in capital assets during the year; the Reinvestment Zone’s share of capital assets was reported at about $38.6 million. Niemeyer also reported a decrease in the TMRS net pension liability of about $7.5 million and a decrease of about $1.6 million in the firemen’s pension liability; other post‑employment benefit liabilities increased by roughly $240,000.

City staff and council praised the finance team’s work; Niemeyer and staff pointed to awards the city has received for budgeting and financial reporting, noting consecutive recognitions for budget and CAFR presentation. No action was required from council at the meeting; the presentation was informational.

The auditor noted several infrastructure investments and bond activity during the year, including $60 million in bonds and $3.4 million in notes issued for governmental activities. Niemeyer said the city’s net position is concentrated in capital assets and that unrestricted funds represent a smaller portion of the balance sheet.