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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 million (a 13% reduction year-over-year), and reserves equal to more than 50% of annual expenditures — well above the Government Finance Officers Association benchmark of 17%. The presentation noted the city entered fiscal year 2025 with a structurally balanced budget and over $5 million dedicated to emergency reserves. The proposed millage rate for the next year, staff said, remains 2.9816.
City leadership acknowledged prior staffing shortfalls in the finance department and said an experienced finance director has been hired and additional staff are being recruited to improve reporting continuity. The audit was submitted well ahead of the Joint Legislative Auditing Committee deadline.
Council members expressed relief at the audit results and thanked staff for completing the work. No action beyond acceptance and acknowledgement was recorded at the meeting.
Next steps: staff will continue recruiting to fill finance positions and the council will consider the budget and millage rate as part of the upcoming budget cycle.
