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August financials show revenue above budget; draft audit (ACFR) to be finalized Oct. 7
Summary
Finance Director Sherry Roberts presented August 2025 financial reports showing property tax receipts exceeding projections and healthy fund balances. The city also received a draft of the annual comprehensive financial report (ACFR); the final document will be presented to council on Oct. 7 and must meet statutory audit timelines, Roberts said.
Finance Director Sherry Roberts presented the city's August financial reports and a draft of the annual comprehensive financial report (ACFR) at the Sept. 16 council meeting.
Roberts said property‑tax collections were "coming in better than 100%" versus budget and that sales tax receipts for the month were modestly higher than the same month last year. She reported general fund revenues exceed budgeted projections and expenditures are below budget, and described transfers made to increase yield on reserve funds.
Key figures and audit timeline cited by Roberts: - General fund estimated fund balance at Sept. 30, 2024: $10,707,296 (an estimated increase of $2,000,174 over the prior year). Roberts said she expects additional increases from FY 2024–25. - Government‑wide net position at Sept. 30, 2024: assets exceeded liabilities by $64,278,411. - Net position increased by $8,458,677 from FY 2022–23 to FY 2023–24; business‑type activities (water/sewer) increased by about $3,547,200 driven by higher water and sewer sales after the new rate schedule. - Working capital for utility operations was reported at more than $7.8 million.
Roberts said the city provided a draft ACFR in the meeting packet and expects to present the final audit at the Oct. 7 council meeting; only a few reconciling items remain. She stressed the importance of meeting statutory audit deadlines and noted staff will complete outstanding audit items before the final presentation.
Why it matters: The financial reports and audit inform council and the public about the city's fiscal health, fund balances, and compliance with reporting requirements. Roberts said higher reserves and positive revenue performance leave the city well positioned entering the new fiscal year.
Ending: Council took no action on the reports at the Sept. 16 meeting; the final ACFR will be presented and available to the public after the Oct. 7 meeting.
