Spartanburg posts clean audit for fiscal 2024; general fund cushion grows

Spartanburg City officials heard that the city—s 2024 Annual Comprehensive Financial Report (ACFR) received an unmodified (clean) audit opinion and that the general fund—s unassigned balance rose to about $9.7 million.

The finding was delivered during the council—s discussion of item 6, the 2024 annual comprehensive financial report. Auditor presentations and staff responses focused on fund-balance trends, revenue growth driven by property reassessments and transfers into the general fund, and accounting complexities arising from multiple large capital projects.

Why it matters: A clean audit affirms the city—s financial statements are materially accurate, and the larger unassigned fund balance gives the city discretionary capacity to fund capital projects without borrowing. Council members asked for clearer schedules on when long-term tax-abatement projects will begin to contribute full assessed value to the tax rolls.

David Phillip, CPA, financial director, summarized the audit approach and results, saying the auditors view financial statements through a materiality lens and aim to ensure "everything is materially correct, not perfect." He…