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Oviedo presents strong fiscal year results; auditors issue clean opinion
Summary
City finance staff reported growth in revenues and fund balance, large gains in investment income and a strong water and sewer enterprise; independent auditors issued an unmodified opinion and no findings on federal awards.
Oviedo officials presented the city’s annual financial results and independent audit at the April 21 City Council meeting, reporting higher-than-expected investment income and a stronger fund balance than projected.
City finance staff said ad valorem taxes were the largest revenue source at about $19.4 million and that investment income grew sharply from roughly $30,000 a few years ago to about $1.3 million in the most recent fiscal year. That additional investment revenue, staff said, has helped fund capital and one-time expenditures.
The presentation, delivered by city finance staff and followed by the independent auditors from Pervis Gray and Company, highlighted…
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