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Owensboro audit shows clean opinion and healthy fund balances; commission files October financials
Summary
City auditors gave Owensboro a clean opinion for FY 2023–24, reporting rising net position, large fund balances and reduced pension/OPEB liabilities; commissioners accepted the audit and later filed the October financial report showing revenues above budget.
Owensboro city officials accepted a clean audit for the 2023–24 fiscal year and filed the October financial report after a presentation highlighting improved reserves and falling long‑term liabilities.
The city's lead auditor reported a clean opinion on the financial statements and noted national recognitions, including a consecutive Government Finance Officers Association certificate of excellence and a distinguished budget award. The audit showed net position rose by about $12.1 million — from roughly $123.6 million to $135.7 million — and a combined governmental fund balance near $109.1 million, with an unassigned fund balance of approximately $42.8 million (about 208 days of expenditures), metrics the auditor described as “indicative of a very healthy city.”
Officials flagged two notable liability changes: pension liabilities tied to the County Employees Retirement System (CERS) decreased (auditor cited actuarial and market factors) and other post‑employment benefit (OPEB) liabilities for retiree healthcare fell significantly. The auditor emphasized that pension figures are actuarially determined and can shift with market conditions.
In the October 2024 general fund report, Director of Financial and Support Services Angela Waniger (also referenced as Angela Walling in the meeting) told commissioners October revenues totaled $10,524,950 versus a budgeted $9,926,177, a positive variance of about $598,773. Year‑to‑date general fund revenues were $26,010,304 compared with a budget of $25,084,079, a positive variance of roughly $926,225. Staff attributed variances to higher net profits and timing differences in certain receipts and expenditures.
Commissioners asked whether the drop in pension liabilities was attributable to particular actions; the auditor replied those are actuarial and market driven. After the presentation and brief questions, the commission voted to accept the audit and later voted to file the October financial report. The filings record no audit findings and no significant audit adjustments.
What happens next: Acceptance of the audit and filing of the financial report conclude the formal review for the fiscal year; routine monitoring and any follow‑up actions will appear in future commission agenda packets.
