Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Fy25 Audit topic
No spam. Unsubscribe anytime.
Centerville releases FY25 year-end budget update; audit fieldwork planned
Summary
Finance staff reported the town closed fiscal year 2025 with general fund revenues above expectations and enterprise fund revenues at about 95%; the town’s audit field work is scheduled for later in the month.
At the Sept. 18, 2025 meeting, Centerville finance staff delivered the fiscal year 2025 year-end budget update and an audit status report.
Finance specialist Ashley Russ presented a memo summarizing FY25 results as of June 30, 2025. The memo indicates general fund revenues were at 111% of expected revenue received, driven in part by conservative estimates for local income tax and variations in assessable values used for public-utility tax calculations. The memorandum reported that general fund expenses were at or below 100% of budgeted amounts.
Enterprise fund revenues were reported at approximately 95% of expected receipts; staff noted timing of resident utility payments, water and sewer allocations and interest-rate variables can affect enterprise fund totals. Enterprise fund expenses were at or below 100% of budgeted amounts. Pension expenses for the fiscal year were paid in December and no additional pension payments are expected for FY25; principal debt payments for enterprise debt are scheduled in April and May (principal posted to liability accounts; interest posted to expense accounts).
Russ said the town is in the preliminary phase of the external audit: preliminary report materials have been provided to the auditor, sample documents are being collected, and the auditor’s field work is scheduled for later in October. No audit findings were reported at the meeting.
