Garden City council accepts fiscal year 2024 audit; auditors report clean opinion

Independent auditors from Swigart John Associates told the Garden City City Council on Feb. 10 that the firm issued an unmodified (clean) opinion on the city's fiscal year 2024 financial statements and found no compliance or internal-control findings.

Jordan Swigart, the lead auditor, summarized key results: the general fund ended the year with just under $7 million in cash and the fund balance increased by about $293,000 for the year. The development services fund ended the year with just under $1 million and used about $106,000 of its reserve. The auditors reported about $1.9 million in unearned revenue attributable to ARPA funds that had not yet been spent and explained that the city prepaid roughly $670,000 to FEMA and was awaiting expense reports before recognizing the expenses.

Swigart said the water fund had approximately $7 million in cash at year end, accounts receivable in the enterprise funds included about $1.1 million of billings accrued at year end, and the sanitation fund showed a small negative cash balance that staff said they are addressing incrementally. Footnote disclosures included compensated absences of about $289,000 and one remaining general-obligation bond for the library with about $65,000 left to pay, which auditors said will be retired in fiscal 2025. Swigart also reported roughly $14.5 million held in the state local government investment pool.

Council member moved to accept the audit report for the year ending Sept. 30, 2024; after a second, the council voted by roll call to approve the motion. The clerk recorded votes in the affirmative and the motion carried.

Swigart encouraged council members to contact the firm or city staff with follow-up questions about the report. The council did not direct additional action beyond acceptance.

The audit presentation and acceptance are recorded in the council minutes.