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City of Canton's FY2024 audit shows $26 million increase in net position; auditors issue unmodified opinion
Summary
External auditors presented the City of Canton's fiscal year 2024 annual comprehensive financial report, saying they issued an unmodified (clean) opinion and noting a roughly $26 million increase in net position driven by higher revenues including ARPA and impact fees.
Sam Latimer, the external auditor, presented the City of Canton's fiscal year 2024 Annual Comprehensive Financial Report and told the council his team issued an unmodified opinion on the city's financial statements.
Latimer said the city's government-wide net position increased by roughly $26 million in 2024, a 46% growth over the prior year, and attributed much of the change to higher intergovernmental revenue tied to ARPA funds, a substantial jump in impact fees and increased alcohol license receipts. "We…
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