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City presents FY2024 financial results; outside auditors give clean opinion but flag control weaknesses
Summary
City finance director presented the FY2024 Annual Comprehensive Financial Report showing a $110.3 million general fund balance and strong pension positions; outside auditors issued an unmodified (clean) opinion but identified a material weakness in the year-end close and four significant control deficiencies.
Wilmington — The city said its finances strengthened in fiscal 2024, but outside auditors urged continued fixes to internal controls.
Brett Taylor, director of finance, told the Finance and Economic Development Committee that the FY2024 Annual Comprehensive Financial Report (ACFR) shows a general fund balance of $110.3 million, up about $13.5 million from FY2023, and a water/sewer net position of approximately $211 million. Taylor said the city "run[s] approximately 433,000,000 through our system," and cautioned that a notable portion of the general fund balance reflects non-liquid items such as $29.4 million in accounts receivable and $17 million in bond-bill proceeds earmarked for community programs.
The report and presentation emphasized that the fund balance includes a budget reserve of $19.4 million required by city code and a tax-stabilization reserve that officials said should not be treated as fully liquid cash. Taylor explained the difference between book assets and cash, noting the city ended the year with about $86 million…
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