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Joshua City accepts FY2024 audit; staff and auditor say financial position is strong
Summary
The City of Joshua accepted an unmodified FY2024 audit on Feb. 18, 2025. The auditor reported increased assets, a healthy general fund balance and no internal-control deficiencies; council approved the acceptance unanimously.
The Joshua City Council unanimously accepted the city's fiscal year 2024 audit at its Feb. 18 meeting after an auditor's presentation that described an unmodified opinion and improved cash and fund balances.
Rita Long, identified in the meeting as the senior manager on the audit engagement, told council members the audit delivered a "cleaner, unmodified opinion," and that total assets rose to about $10.6 million as of Sept. 30, 2024. Long said investment earnings drove most of the cash increase and cited roughly $449,000 in investment income for the year.
The audit report also showed the city's general fund unassigned fund balance at about $1.8 million. Long summarized that total revenues were roughly $10.3 million and total expenditures about $10.8 million, with the year producing a net change in fund balance of about $1.5 million after other financing sources (including bond proceeds).
Why it matters
An unmodified opinion indicates the auditor found the financial statements fairly presented in accordance with U.S. generally accepted accounting principles, and Long said the auditors did not identify deficiencies in internal control that rise to the level of reportable weaknesses.
City staff and council members noted the audit reflected conservative budgeting and investment returns. Council approved the acceptance of the audit by motion and unanimous vote; staff will publish the audited financial statements and follow routine reporting steps.
Ending
Councilors raised no substantive objections during the acceptance vote. Staff follow-up items noted in the meeting include finalizing publications of the audited financial statements and continuing routine financial reporting to the council.
