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City auditors issue unmodified opinion; Greenville's available fund balance rises to 29.19%
Summary
City auditors issued unmodified opinions on Greenville's 2024 financial statements and state single audit; the city reported an available fund balance of 29.19%, above the Local Government Commission guideline, and staff noted one federal single-audit finding that has been addressed.
Greenville's independent auditors issued unmodified opinions on the city's fiscal year 2024 financial statements and state single audit, the city reported at the Jan. 9 council meeting, and staff said available fund balance rose to 29.19%.
Chief Financial Officer Jacob Joiner summarized the audit results and fund balance status. He said the city received unmodified opinions for both the financial statements and the state single audit; the federal single audit contained 1 nonfinancial finding related to inspections that staff said has been addressed with new procedures.
Joiner said the city's available fund balance (a key liquidity benchmark) was 29.19%, above the Local Government Commission (LGC) guideline of 25%. He noted the LGC had revised its suggested formula in recent years and the city had made a multi-year effort to raise reserves to a more conservative level.
Joiner showed that the fiscal year 2024 ending fund balance rose to about $40.6 million (from roughly $36.6 million the prior year). Council approved acceptance of the audit results and authorized related ordinance amendments later in the meeting.
Council members said the increased fund balance and audit results put the city in a stronger position to handle one-time projects and to continue infrastructure investments.
