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City auditor reports FY2024 audit shows healthy fund balance but general fund had a net decrease
Summary
The city's auditor presented the fiscal year 2024 audit: total assets and a large fund balance were reported, while the general fund experienced expenditures exceeding revenues and a net decrease after transfers. The audit and related financial details were made available to council and the public.
City auditor James Whitaker presented the audit for the fiscal year ending June 30, 2024, summarizing key financial results to the mayor and council.
Whitaker reported total assets of approximately $5,023,000 and liabilities of about $209,000, leaving a general fund balance of $4,814,000 — a reserve he described as about 93.5 percent of the general fund. For the fiscal year the…
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