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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 general fund reported roughly $4,681,000 in revenues and $5,148,000 in expenditures, resulting in expenditures exceeding revenues by about $467,000. The auditor said the city also transferred $788,000 to the sanitation fund, and reported a net change in the general fund balance of a negative $1,130,000 for the year.
Whitaker walked through other notable items in the audit packet: purchase of a sanitation truck for about $173,000; completion of Arnold Lane work at about $1,335,000; acquisition of property at 150 Oak Street for about $290,000; approximately eight vehicle purchases during the year; notes/leases payable with a balance around $626,000; subscription liabilities totaling about $410,000; and business‑type activity liabilities including remaining payments on sanitation equipment and meter reading subscriptions.
He said copies of the audit are available in his office and offered to answer questions after the meeting. Council members did not ask follow‑up questions in the provided transcript excerpt.
Ending: The auditor closed by noting the audit report was available for inspection and invited council members to contact his office with any questions.
