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City auditor reports strong 2024 results; New Richmond receives clean opinion
Summary
Baker Tilly audit manager presented the 2024 financial audit to the New Richmond City Council, reporting a clean (unmodified) opinion, a roughly $1.8 million increase in general fund balance and a 57.9% reserve ratio.
Amanda Emboga, the audit manager presenting results for Baker Tilly, told the New Richmond City Council that the city’s 2024 financial statements received an unmodified ("clean") opinion.
Emboga said revenues and other financing sources for 2024 totaled about $10.8 million and expenditures and other financing uses totaled about $9.0 million, producing an approximate $1.8 million positive change in the general fund balance for the year. She highlighted transfers in of about $666,000 (largely capital and capital-replacement transfers) and a roughly $114,000…
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