Auditors give Bristol a clean opinion for fiscal 2024; general fund balance $21.1 million

Brown Edwards senior manager David Elkins presented the City of Bristol’s annual comprehensive financial report for the year ended June 30, 2024, at the Jan. 7 council meeting and reported an unmodified (clean) audit opinion on the city’s financial statements.

Elkins noted the city’s overall net position increased roughly $8.7 million for the year: about $5.9 million in governmental activities and about $2.8 million in business-type activities. He said most of the business-type increase came from the electric fund; the water fund increased about $607,000, while stormwater decreased about $107,000.

Elkins summarized key fund-level figures: general fund revenues were about $630,000 over budget, total general fund expenditures were roughly $1.1 million under budget, and the city ended the year with a total fund balance of approximately $21.1 million (about nine months of expenditures). Federal expenditures totaled about $14.2 million for the year, and the auditors performed a single-audit review of federal programs with no federal findings.

The auditors reported one state compliance finding for minor expenditures that exceeded the final state budget line; the firm said it was small and not a material weakness or significant deficiency. Elkins also described continued submissions to the Government Finance Officers Association (GFOA) for the Certificate of Achievement in Financial Reporting and said the city has received the award for 21 consecutive years and expects a 22nd year when the current report is reviewed.

Council members thanked the finance staff for what Elkins described as a “very smooth audit.” The audit materials included a management discussion and analysis and required communications with governance about accounting estimates and actuarial assumptions. Elkins invited council members to ask questions and to request additional detail from the finance department’s written report.