Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Audit topic
No spam. Unsubscribe anytime.
Valdosta audit shows healthy general fund, auditors issue clean opinion
Summary
An external audit found Valdosta—s general fund in solid health: about $43M in revenues, heavy reliance on property taxes, a year-end fund balance equal to roughly 193 days of expenditures, and an unmodified audit opinion with no findings.
An external auditor presented Valdosta—s annual financial report to the City Council, saying the general fund recorded about $43,000,000 in revenues and roughly $39,000,000 of that came from property taxes. The auditor highlighted a year-end fund balance equal to about 193 days of operating expenses — roughly 6— months — and a five-year growth in fund balance from about $4 million in 2020 to $23 million this year.
The auditor said the city—s business-type activities (water, sewer, stormwater and sanitation) reported about $43,000,000 in operating revenues and $36,000,000 in operating expenses, producing net operating income of about $6.3 million for the year and a net position near $145,000,000 after paydown of debt and a modest asset decrease.
On audit status, the auditor told council the financial statements received an unmodified opinion and there were no findings or uncorrected misstatements. "No disagreements with management," the auditor said, concluding the presentation and offering to answer questions.
Council members praised the finance team during brief remarks following the presentation, and the mayor thanked the auditor for the report. The audit presentation is the standard annual review required to confirm the city—s financial reporting and internal controls; the unmodified opinion indicates the auditor found the statements to be presented fairly in all material respects.
The council moved on to regular agenda business after the presentation.
