Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Audit finds Tonawanda's 2024 finances "stable" but cautions over reliance on one-time revenue
Summary
An independent auditor told the Tonawanda common council that 2024 closed with a roughly $10 million unassigned general-fund balance and a $1.7 million increase in the year's fund balance — driven largely by $1.2 million in one-time ARPA money — and urged the city to prepare for tightening recurring revenues and rising recurring costs.
An audit representative presented a draft independent audit to the City of Tonawanda common council on the audit firm's view that the city's general-fund financial position for 2024 is stable but relies substantially on one-time revenue sources.
"We are in draft form, but we're in a position where we feel like the audit results are fair," the audit representative said, summarizing the work and the deliverables the firm will provide, including a management letter and an audit communication letter.
The presentation showed a five-year trend in the general fund in which revenues…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
