City audit shows clean opinion, $12.2 million net position increase and $9M deferred outflow for college agreement

Mister Avery, the external auditor, told the Enterprise City Council on July 15 that the city's fiscal-year 2024 financial statements received an unmodified audit opinion and that the auditors reported zero findings. The audit covered the primary government's governmental and business-type activities and included discretely presented component units such as the Industrial Development Board, the city Board of Education and the library enterprise.

The auditor highlighted several financial results. On a full-accrual basis, total assets for governmental activities were reported at nearly $172 million and just under $76 million for business-type activities as of Sept. 30, 2024. The city recorded non-depreciable capital assets of about $42.0 million — roughly $38.5 million of that was construction in progress for projects including parks and recreation, city hall renovation, an airport hangar and streets work. Investment earnings for the governmental…