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Erlanger audit: unmodified opinion, $24M in unrestricted cash and $7.3M capital outlay highlight strong fiscal year
Summary
City auditors issued an unmodified FY2024 opinion and reported about $24 million in unrestricted cash, roughly $7.3 million in capital outlay and approximately $1.285 million in ARPA spending; no material internal control findings were reported.
John Chamberlain, a partner at Chamberlain Owen & Company, told the Erlanger City Council on Dec. 3 that the city’s fiscal 2024 financial statements received an unmodified auditor’s opinion and that the audit found no reportable internal‑control weaknesses or compliance problems. "We gave what's called an unmodified opinion, meaning there's no modifications required, to the opinion," Chamberlain said.
The auditor outlined several figures Council members flagged during the presentation. Chamberlain reported the city expended about $1,285,000 in American Rescue Plan Act funds during the year and described a strong cash position: roughly $19.8 million in unrestricted cash plus $4.4 million in unrestricted reserves, totaling about $24 million available to the city. Pension and OPEB liabilities fell notably in 2024, the auditor said, including an annual adjustment that reduced pension liabilities by about $948,000 and reduced OPEB liabilities by about $800,000.
The city’s balance sheet shows operating reserves well above the Government Finance Officers Association guideline: Chamberlain said a three‑month reserve target for Erlanger would be about $6.6 million while a six‑month reserve would be about $13.2 million; the city’s unrestricted funds equate to more than 11 months of operating expenses by his calculation.
Chamberlain also called attention to recent capital spending: the audit shows roughly $7.3 million in capital outlay in FY2024, focused on roads, parks, buildings and public safety vehicles. Revenues rose about 7.6% year over year, driven in part by natural payroll growth rather than rate increases, the auditor said.
Mayor Jessica Fetti praised city finance staff during the presentation and thanked Finance Director Kara for preparing the government‑wide financial statements. Chamberlain said the city submitted its financials to the GFOA (Government Finance Officers Association) for an award and that the firm expects the city to qualify again.
No action was required by the council after the audit presentation; Chamberlain invited questions and provided the council a governance letter required by auditing standards.
