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Federal Way posts clean 2024 audit; finance director highlights $678.6 million net position
Summary
The city's finance director told the council the 2024 audited comprehensive financial report is complete, with a $27.5 million increase in net position to $678.6 million, a $22.7 million reported general fund balance and $146 million in cash and investments; the audit received national recognition.
Finance Director Steve Groom told the Federal Way City Council on Oct. 7 that the city's 2024 audited comprehensive financial report has been completed and posted to the city's website.
Groom said the city's total net position increased by $27,500,000 and now stands at $678,600,000. "If people were interested enough to follow each of those items and go look up on page 17, you would see...the city's total net position," he said. He reported the city's revenue rose by about $30 million year over year while expenses rose about $25 million, producing a net gain of roughly $5 million.
Groom highlighted the general fund ending balance reported in the comprehensive report as $22,700,000 and said total cash and investments were $146,000,000, up from about $114,000,000 the prior year. He explained that comprehensive annual financial reporting requires grouping certain funds differently than monthly reports, which can make monthly and year-end figures appear to differ.
The director also noted the city attained continued national recognition for budgeting and audit standards, marking more than three decades of consecutive awards; the report includes 10-year trend graphs and an executive summary intended for public and financial audiences. Council members thanked staff and praised the finance team's efforts to communicate the results to residents.
