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Sanford audit shows rising revenues and strong fund balance; auditors report no disagreements
Summary
Joyce and Company presented the city's fiscal year 2023'024 audit to Sanford City Council, reporting increased revenues and expenditures, a larger available fund balance well above Local Government Commission guidance, and no audit disagreements in the governance letter.
The Sanford City Council received the independent audit for the fiscal year ending June 30, 2024, on Feb. 4. Joyce and Company partner Keith Joyce presented highlights to the council and said the firm found no disagreements with management during the audit.
Joyce said the city's general fund revenues increased by roughly $7.7 million and expenditures rose by about $8.9 million compared with the prior year. He said the city's total general fund balance reached about $39.8 million at year end and the reported available fund balance was roughly $25.3 million, equal to about 53% of…
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