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Federal Way: 2024 audited financial report shows net position up, finance director highlights awards
Summary
City Finance Director Steve Groom presented the 2024 audited comprehensive financial report, reporting an approximate $27.5 million increase in net position, a $30 million revenue gain, and a $22.7 million ending general fund balance; the city earned awards for budgeting and financial reporting for a 34th consecutive year.
Steve Groom, Federal Way's finance director, presented the city's 2024 audited comprehensive financial report on Oct. 7, saying the audit had been completed and the report posted to the city website.
Groom highlighted the report's key figures: a reported increase in total net position of about $27.5 million, bringing the city's total net position to about $678.6 million; revenue increased roughly $30 million from the prior year while expenses increased about $25 million (a net change of about $5 million); the general fund ending balance was reported at $22.7 million; and total cash and investments were reported at $146 million, up from roughly $114 million the prior year. Groom emphasized peer review and national recognition, noting the city has earned consecutive awards for budgeting and audits for 34 years.
Groom explained that some accounting items (year-end accruals, investment fair-value restatements and pension valuations) are prepared annually, and that the comprehensive annual financial report aggregates funds differently than monthly budget presentations. He encouraged residents and analysts to review the executive summary on the city website for accessible highlights and noted plans to implement a newer financial system in the future.
Council members thanked the finance team and highlighted the importance of communicating fiscal performance to the public. There were no formal votes tied to the audit presentation; the report was presented for information and transparency.
