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City receives clean audit showing grant‑driven revenue gains and solid fund balances
Summary
Independent auditors gave the City of Newman an unmodified (clean) opinion for fiscal year ending June 30, 2024, reporting about $68 million in combined net position across governmental and business‑type activities and revenue increases driven by grants for capital projects.
Michael O'Connor of O'Connor and Company presented the City of Newman's audited financial statements for the year ended June 30, 2024 and reported an unmodified opinion — the firm's highest level of assurance.
O'Connor summarized key figures: roughly $40 million in net position for governmental activities and about $28 million for business‑type activities, for nearly $68 million in combined net position. He noted significant grant revenues used mostly for capital projects and that certain funds (State Grants Fund) showed a deficit while Federal Grants Fund and other funds had surpluses.
Council moved to receive and accept the general purpose financial statements and Transportation Development Act audits for the fiscal year ending June 30, 2024; the motion carried unanimously (5‑0). O'Connor thanked city staff for keeping the books in good order and invited council to contact his firm with audit questions.
The acceptance begins the finalization of the audit letter and enables staff to publish the financial statements and supplemental notes as the finalized audit letter is prepared.
