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Auditors give Fairhope an unmodified opinion; city assets and restricted funds rise, single-audit flags airport reporting timing
Summary
Auditors reported an unmodified opinion on the city's 2024 financial statements, citing increases in assets and cash driven by unspent 2024 bond proceeds and federal grants; the single-audit noted one significant deficiency tied to late reporting for an airport improvement grant handled by a third party.
Lee Parks, the engagement member for the auditing firm, told the Fairhope City Council work session that the city's independent auditors issued an unmodified opinion on the 2024 financial statements dated March 12, 2025.
Parks presented high-level figures: total citywide assets of about $355.3 million (up roughly 15 percent year over year), liabilities of about $77.2 million (up about 34.6 percent), and net position of about $278 million (up about 11.4 percent). Total cash was reported at $88.1 million, which Parks said resulted in part from unspent bond…
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