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Bountiful posts clean FY2025 audit despite fiber fund deficit; council hears financial report
Summary
City finance staff reported rising net position and $131 million in cash and investments for FY2025. Independent auditors issued an unmodified (clean) opinion on the city'wide financial statements but noted a deficit in the fiber fund and a minor URS-reporting documentation issue.
Bountiful City officials presented the FY2025 annual comprehensive financial report to the council on Nov. 25 and received an independent audit opinion.
Finance director Tyson Beck reviewed high-level results, telling council the city's net position remains healthy and that combined cash and investments totaled about $131 million at June 30, 2025 (with roughly $8.9 million of that restricted for unspent fiber bond proceeds). Sales tax revenue increased about 3 percent from the prior year to $12.2 million.
Marcus Arbuckle, partner at Keddington & Christensen, reported the auditors issued an unmodified (clean) opinion on the basic financial statements and footnotes. Auditors reviewed internal controls related to cash, payroll and financial close and found controls adequate, and the supplemental state-compliance testing found only two matters: (1) a missing URS leave-of-absence filing (now corrected and process updated) and (2) a deficit in the fiber fund (expected given the fund's startup costs and bond-funded construction).
"We've issued a clean opinion on the financial statements," Arbuckle said, while noting the required reporting of the fiber fund deficit.
Council received the report for information; no council action or vote was required. Staff and auditors said they would continue to monitor fiber fund performance and related reporting.
