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Commission accepts cityFY2025 audited financial report showing net position increase
Summary
Bowling Green commissioners accepted the cityFY2025 Annual Comprehensive Financial Report audited by Cherry Beckert LLP; staff reported a net position increase to about $390 million and adoption of a new accounting standard that raised liabilities by roughly $6.5 million.
The Bowling Green City Commission on Nov. 18 accepted the cityFY2025 Annual Comprehensive Financial Report, prepared by the Department of Finance and audited by Cherry Beckert LLP.
Chief Financial Officer Erin Belieur summarized key financial indicators from the 200-page report: the city's overall net position increased to about $390 million for the year ended June 30, 2025, an increase of roughly $70 million (about 20%) from the prior fiscal year; governmental fund balance rose by about $2 million. Staff also noted the city implemented a new accounting standard to report compensated absences (previously only vacation and certain leave were reported), which increased liabilities by about $6.5 million.
Pamela Napier, representing the audit committee, said the audit process found no issues and that the committee submitted the audit to the Government Finance Officers Association for recognition; she praised staff and volunteers. Commissioners commended finance staff and the audit committee for transparency and thoroughness. The commission approved acceptance by roll call.
Staff noted the full audit and monthly financial reports are posted on the city's website for public review.
