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City presents FY23-24 audit showing strong reserves and lower long-term debt
Summary
City staff reported the FY23-24 audit was completed Oct. 17 and filed ahead of the state deadline; highlights include a $66 million net position, long-term debt of about $11.7 million (down 13%), reserves exceeding 50% of annual expenditures, and a proposed millage of 2.9816.
City staff told the council on Nov. 4 that the FY23-24 audit was completed Oct. 17, 2025 and submitted promptly to state auditors. The presentation summarized the city's financial position and steps taken to strengthen the finance function.
Staff reported a total net position of approximately $66 million, long-term debt of about $11.7…
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