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Cottonwood Heights posts clean FY2025 audit; two compliance findings noted
Summary
Finance Director Scott Georges presented the city’s FY2025 financial statements and described a clean auditor opinion, a net position of about $66 million, and two audit findings: late deposit timing (now corrected) and unexpectedly large fire‑hydrant maintenance invoices that caused a public‑works budget overage.
Cottonwood Heights Finance Director Scott Georges told the City Council on Tuesday that Larson and Company issued a clean opinion on the city’s FY2025 financial statements covering July 1, 2024 through June 30, 2025.
Georges highlighted key figures from the report: total net position of about $66,000,000; net investment in capital assets of roughly $52,000,000 (roads, bridges, parks and buildings); and an ending fund balance reported at about $5,900,000. He said approximately $5,100,000 was available for appropriation at the start of the reporting period with roughly $3,200,000 unrestricted after required reserves.
The audit included two findings. The first related to the Utah Money Management Act: the city previously accumulated receipts and deposited them weekly rather than within the required time frame; Georges said staff corrected the practice and now makes deposits twice weekly. The second finding concerned late invoices for fire hydrant maintenance: the city received two invoices, each "right around" $130,000, which substantially exceeded the amount originally expected (staff had planned roughly $35,000 for one invoice), producing a public‑works budget overage.
Georges said staff added $125,000 to next year’s budget to help cover expected hydrant costs and that the audit report will be posted online within about a week; he also noted the city intends to submit the financial package for a Government Finance Officers Association (GFOA) budget award.
"Our auditors found no material misstatements — it's a clean audit," Georges said. He also noted state compliance reports had no significant material findings beyond the two issues summarized above.
The presentation was technical and largely informational; council members thanked staff for their work and asked clarifying questions about the hydrant invoices and corrective deposit practices.
