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Auditors give Nassau Bay a clean opinion; council accepts ACFR as staff previews strong sales-tax and hotel collections
Summary
Independent auditors issued an unmodified opinion on Nassau Bay's FY2024 financial statements; council accepted the annual comprehensive financial report. Staff reported a $12.3 million investment portfolio, higher sales-tax receipts and project funding considerations including a $2.3 million ladder truck due in 2027.
The Nassau Bay City Council accepted the city’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, after auditors from Crow issued an unmodified (clean) opinion on the city’s financial statements and a clean single-audit opinion for federal grant compliance.
Stephanie Harris, audit partner with Crow, told the council the firm issued a clean opinion and summarized key figures: the city recorded approximately $13.4 million in total costs for governmental and business-type activities, collected more than $5.0 million in direct charges for services, received about $979,000 in operating grants and ended the year with a net increase in total net position of roughly $1.5 million. The auditors performed single-audit testing because the city expended about $764,000 in federal grants, mostly flood mitigation assistance.
Council moved to accept the ACFR and accompanying single-audit and EDC reports; the motion passed 6–0. Council thanked the auditors for their work.
Staff also gave a fiscal-year 2025 update. Finance staff reported the city’s investment portfolio totaled about $12.3 million, with the general fund holding roughly $4.1 million and the water-sewer fund $3.1 million. Sales tax collections were cited as performing well: the city has received about $516,000 (roughly 59 percent of a $1.5 million combined budget for city/EDC/street sales taxes) at the mid-year mark, representing a significant increase over the five-year average; hotel-occupancy-tax receipts were reported at approximately $465,000 year to date.
Staff outlined remaining certificate of obligation balances and capital projects funded by CO proceeds and COVID funds. Staff noted a major capital need: a ladder truck with an estimated cost of about $2.3 million is scheduled in the CIP and would require funding by February 2027 if procured as planned. Council discussed CO proceeds and timing and asked staff to prepare budget materials for the coming fiscal workshops.
The council voted to accept the ACFR after a motion to approve; staff will continue with the budget calendar and planned public workshops.
