Roswell audit clean; CFO reports strong balance sheet, AAA rating intact

At the April 14 City of Roswell mayor and council meeting, Chief Financial Officer Bill Godshall reported that independent auditors issued an unmodified (clean) opinion on the city's financial statements for the fiscal year ended June 30, 2024, and said Roswell maintains a strong balance sheet and its AAA credit rating.

The unmodified audit opinion means auditors did not identify material weaknesses or significant deficiencies in internal control, Godshall told the council. He said the finalized audit has completed the State of Georgia review and is available on the city's website.

Godshall presented balance-sheet highlights and budget-to-actual results: cash and investments rose about 1.5% from 2023; total assets rose about 5.5%; net position increased about 7.2%; and bond debt declined roughly 2.5% through scheduled debt service. Godshall said the city's cash position can cover current liabilities about seven times and that net position represents about 70% of total assets. "We have $174,000,000 of cash in the checking account," Godshall said, adding the city also holds about $96,000,000 in brokerage investments.

On operations and budget performance, Godshall said the fiscal year ended June 30, 2024, closed with $1.5 million in revenues above budget and roughly $5.7 million less in expenditures than budgeted, the latter driven by deferred projects and position vacancies. He described a six-month transition period (July 1–Dec. 31, 2024) tied to the city's change of fiscal-year end from June 30 to Dec. 31. Those six-month results, Godshall said, exceeded budget by about $2.6 million, with roughly $500,000 of the gain tied to sales-and-use tax growth and about $1.1 million from other miscellaneous sources; salary-and-benefit savings accounted for about $1.6 million of underspending. He cautioned that the six-month numbers remain under audit and could change.

Godshall confirmed the city remains AAA-rated and said staff see no immediate threat to that rating as Roswell prepares a second tranche of voter-approved general obligation bonds. Council members asked for clarification on items residents had circulated online claiming the city was "broke." Councilmember Lee Hills asked Godshall to explain debt versus net assets; Godshall replied, "We're not getting repossessed at City Hall. No. We're in good shape." Councilmember David Johnson asked for the cash balance, and Godshall gave the checking and investment figures cited above. Several council members praised the new cadence of reporting and said they expect the city to publish quarterly and, later, monthly financial reports for greater transparency.

Members of the public used the finance item for questions and comments. Resident Janet Russell noted that Hispanic Heritage Month funding was removed from the 2025 budget and asked whether any of the reported surplus could restore that line item; Mayor Curt Wilson said the request is noted and would be considered during the FY2026 budget process but that it would be premature to promise action now. Resident Daryl O'Hare asked about the personnel decisions that produced vacancies and the effect of carryforward savings; city leaders said personnel decisions are operational and handled by the city administration while the council focuses on policy. The mayor reiterated that a commitment remains for the Doc's Cafe project and that the city will continue community engagement on that item.

Godshall said the six-month audit is expected to be completed before June 30, 2025, and that the city will post a comprehensive quarterly report on April 29, 2025. Staff told council the intention is to move to regular monthly financial reporting once the quarter and transition reporting cadence are established.

Votes and procedural items on the April 14 agenda included approval of the consent agenda (motion by Councilmember David Johnson, second by Councilmember Sarah Beeson; vote recorded as 6–0 in favor) and the removal/deferral of the Hill Street land exchange agreement from the night's agenda; staff said the Hill Street item will return at a future meeting.