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Auditors present Mount Holly’s 2025 financials; fund balance drops, one material weakness identified
Summary
Martin Starnes audit manager Claire Earnhardt presented the preliminary audited financial statements for fiscal year ending 06/30/2025, reporting a drop in general fund balance to $18.8 million, a 46.5% available fund balance percentage, and one audit finding (material weakness) for expenditures exceeding the adopted budget.
Mount Holly’s auditors presented preliminary fiscal-year 2025 financial statements to city council on Dec. 8, reporting a decrease in the general fund balance and one material weakness related to budget controls.
Claire Earnhardt, manager on the audit engagement, told the council the audit was preliminary pending a new federal compliance supplement from the Office of Management and Budget and that the auditors expect to issue an unmodified opinion. Earnhardt said total general fund balance fell by about $4.4 million to $18,800,000 (about a 19%…
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