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Peachtree Corners receives clean FY25 audit; unassigned fund balance at about 44%
Summary
External auditors Mauldin & Jenkins presented an unmodified (clean) FY25 opinion for Peachtree Corners and reported zero findings or adjustments for the eighth consecutive year; auditors noted the city’s unassigned general fund balance is roughly 44%, well above GFOA guidance.
Peachtree Corners received an unmodified (clean) audit opinion for fiscal year 2025, city officials were told during the council meeting, with the city reporting no audit findings or adjustments.
Josh Carroll, partner in charge of the city audit at Mauldin & Jenkins, told the council the firm followed generally accepted auditing standards and government auditing standards and issued a clean opinion, indicating the city’s financial statements are materially correct. Carroll said the firm also issued a clean report on compliance and internal control testing.
The auditors highlighted the city’s general fund trend and noted the city’s unassigned fund balance — the portion of the general fund available for any purpose — is about 44 percent. Carroll contrasted that to guidance from the Government Finance Officers Association, which generally recommends a minimum reserve in the 16–25 percent range. Council members and staff said the higher balance reflects prior bond proceeds and ARPA funds that were reclassified or held in an “opportunity fund.”
Council members asked whether the 44 percent figure on slide 9 included the Opportunity Fund; Carroll confirmed the number shown represents roughly 44 percent plus the separate Opportunity Fund amounts. In response to a question about how common clean opinions are, Carroll said many audits do result in clean opinions but that fewer than half of governments complete an audit without adjustments, and credited city staff and the auditing firm’s work.
Corey, the city’s finance director, and the auditors both praised the finance team’s preparation; Carroll said the city provided a trial balance that required no audit adjustments. Carroll also said Mauldin & Jenkins offers advisory services and continuing professional education to local government clients.
The audit presentation concluded with no follow-up actions required by the council beyond the routine acceptance and posting of the audit report.
