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City audit: clean opinion for fiscal 2025; utilities and telecom funds in healthy positions
Summary
Auditor Tom Eldridge reported a clean 2025 audit with no material misstatements and highlighted fund performance: general fund revenues led by property taxes ($5.3M), PILOT utility contributions ($3.7M), and state shared revenue ($1.6M); telecom fiber customers and net position improved.
The city received a clean audit opinion for fiscal 2025, the auditor reported to the Board of Public Utilities, and staff highlighted the utilities’ relative financial strength heading into the 2027 budget cycle.
Tom Eldridge, presenting the annual audit, said auditors encountered no difficulties and found no material misstatements or disagreements with management. “The financial statements present fairly the financial position of the city as of and for the year ended 06/30/2025,” he said.
Eldridge noted the general fund’s largest revenue sources are property…
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