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Neenah audit: clean opinion, general fund balance up about $1.2 million
Summary
Baker Tilly presented the City of Neenah's 2024 annual comprehensive financial report (ACFR) at the June 18 council meeting, reporting an unmodified (clean) opinion, higher-than-budgeted investment income, and an increase in the general fund balance; council received and placed the report on file by unanimous vote.
John Raider of Baker Tilly told the Neenah Common Council on June 18 that the city's 2024 annual comprehensive financial report received an unmodified ("clean") audit opinion and contained no material adjusting entries.
The audit presentation, introduced by Director Rasmussen, highlighted a $1.2 million increase in the city's general fund balance for 2024; unassigned (unrestricted) fund balance rose by about $1.1 million. Baker Tilly attributed the improvement largely to stronger-than-budgeted investment income (about $778,000) and permit revenue (about $150,000), while overall expenditures were slightly under budget.
The clean opinion means the financial statements were prepared in accordance with generally accepted accounting principles, Raider said. He pointed council members to the ACFR's Management Discussion and Analysis for explanations of year‑to‑year changes, and noted the report was submitted earlier than recent years (issued May 28).
Why it matters: a clean audit and a growing unassigned fund balance give the city more flexibility for budgeting and credit analysis. Raider said Neenah's unassigned balance represented roughly two months of expenditures, just above the Government Finance Officers Association's 17 percent (two‑month) benchmark used for municipal liquidity assessments.
Details from the presentation include department drivers of expenditure savings (police, snow and ice, parks) and multi‑year context in the ACFR's statistical section. Utility highlights delivered by the audit team noted the water fund had roughly $9.3 million in unrestricted reserves (about 13 months of operating coverage) and that sewer and stormwater funds also maintained multi‑month reserves (sewer about 6.8 months; stormwater about 14 months). The audit firm reported no material weaknesses or significant deficiencies in internal control for the second consecutive year.
Alderman Paulino moved, and Alderman Ellis seconded, to receive and place the audit report on file. The clerk conducted a roll call vote; the motion passed 7–0.
The audit materials and the ACFR are part of the meeting packet and are available on the city's website for officials and residents to review.
