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Auditors report no findings; Sweetwater reports $27.5 million in assets at June 30, 2024
Summary
Independent auditors presented the fiscal year 2024 audit showing the city and school funds had more than $27.5 million in assets, roughly $23.0 million in fund balance, and reported $6.8 million in state and federal assistance; auditors reported no internal-control findings in the areas reviewed.
Mitchell, Emmitt & Hill partner Richard Hill presented the independent audit for the fiscal year ended June 30, 2024, to the Sweetwater City Council.
Hill summarized the audit at a high level. He said total assets for city and school funds at June 30, 2024, were "well over $27.5 million," and the combined fund balances were $23,000,004.97. For the year, Hill said total revenues were a little more than $31 million and expenditures were about $27 million; Hill added that a substantial portion of the variance is in school funds and their funding model. He told the council the city received approximately $6.8 million in state and federal financial assistance for the year ending June 30, 2024, in addition to state-shared revenues and sales tax.
On internal controls and compliance Hill said the audit included tests of internal controls and compliance with laws and regulations and that they had no findings to report for the city funds reviewed.
Council members had no additional questions and thanked the auditors for the presentation. No council action was required on the audit at this meeting.
