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City auditor presents unmodified opinion; Longwood posts $6 million general fund increase largely from ARPA funds
Summary
McDermott Davis and Company gave the city an unmodified audit opinion for FY2024; the general fund rose about $6 million after recognizing remaining ARPA funds, utility fund net position rose $3 million but shows an $8 million unrestricted deficit tied to interfund loans.
Tammy Campbell of McDermott Davis and Company presented the city’s fiscal-year 2024 audit at the April 21 meeting and reported an unmodified audit opinion, the highest-level opinion an auditor can issue.
Campbell told commissioners the city’s general fund balance increased by about $6,000,000 during 2024, largely because the city recognized remaining ARPA (American Rescue Plan Act) funds; the commission has assigned those funds for future capital projects. The utility fund’s net position rose roughly $3,000,000; total capital assets in the utility fund increased about $5,600,000, and restricted net position (for renewal and replacement and future capital) was about $5,000,000.
Campbell said the utility fund showed an $8,000,000 unrestricted net position deficit, primarily reflecting interfund loans that fronted cash for major capital projects. Debt decreased by about $2,300,000 due to normal payments and there was no new debt during the fiscal year. A federal single audit was required because of ARPA funds; no compliance issues were identified.
Campbell encouraged continued monitoring of the utility fund’s financial health and careful consideration of the use of restricted funds for eligible capital projects. Commissioners had no questions for the auditor at the meeting.
