Montgomery council accepts fiscal‑year 2024 financial audit showing $1.6M surplus

The City of Montgomery City Council accepted the independent financial audit for the fiscal year ending Sept. 30, 2024, after an auditor presented a clean (unmodified) opinion and highlighted key fund figures.

Marianne Carle, the auditor presenting the report, told the council the firm would issue an unmodified opinion and that required disclosures were included: "Our independent auditors report is presented over on page 1 of the next draft report. We do anticipate issuing this in this file form just like it is here today. But our opinion letter is an unmodified letter," she said.

Carle summarized highlights for the council. The general fund reported total revenues of $7,300,000 and total expenses of $5,700,000, producing revenues over expenses of roughly $1,600,000. The general fund began the year with a fund balance of $3,018,000 and ended with a fund balance of $4,613,000. Carle noted the fund balance provides operating‑day equivalents and said the city’s fund balance equated to about 10 months of operations, which she described as an "excellent financial position." For the water and sewer fund, operating revenues were about $3,600,000, operating expenses were about $3,050,000, and operating income was about $610,000; Carle said depreciation of about $4,480,000 is noncash and that adjusted operating results were favorable.

Council members praised staff. A motion to accept the audit (agenda item 9) was made by Council Member Johnson and seconded by Council Member Trulovich; the council voted to accept the audit as presented.

City staff said a final, nondraft copy would be supplied after the auditing firm completes its internal reviews. The audit presentation concluded with council acceptance and no further conditions.