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City posts stronger net position in 2024; general fund reserves remain robust
Summary
Independent auditors gave the City of Naples an unmodified opinion for fiscal year 2024 and reported a $37.7 million rise in net position; the city—s unassigned general-fund balance was about $25.1 million (roughly 43% of 2024 expenditures).
City Finance staff and the independent auditor Malden & Jenkins presented the annual comprehensive financial report for the fiscal year ended Sept. 30, 2024 at the June 14 workshop.
The audit team issued an unmodified opinion — the highest level of assurance — and reported that the city—s net position increased by roughly $37.7 million in fiscal 2024. The change included a governmental net-position gain of about $20.4 million and business-type (enterprise fund) gains of about…
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