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Murfreesboro council receives clean FY25 audit, adopts updated financial policies
Summary
Auditors gave the city a clean FY25 opinion and the council adopted updated financial policies that incorporate the Community Investment Trust, new fund-balance targets and purchasing changes. The auditor highlighted a $1.4 billion government‑wide net position and roughly nine months of general‑fund reserves.
MURFREESBORO — City auditors from Joe Hastings & Associates presented the City of Murfreesboro’s fiscal year 2025 audit to the council, saying the independent auditors’ report issued a "clean opinion" and that the comprehensive annual financial report and certificate of achievement for excellence in financial reporting were available on the city’s website.
"The report is available on the website," the auditor said, adding the audit has been submitted to the state. He told the council the government‑wide total net position was $1,400,000,000 at June 30, 2025 and that the general fund’s unassigned balance stood at about $121,000,000 — roughly nine months of expenditures.
The council also approved updated city financial policies, last revised in 2016. Finance staff said the revisions add the Murfreesboro Community Investment Trust, set target fund balance recommendations for the airport and risk management funds, and fold purchasing policies into the main financial‑policy document.
Finance staff recommended approval, noting the updates reflect current software, staffing and structural changes in finance and purchasing. A councilmember moved, the motion was seconded and the policies passed by roll call vote.
Why it matters: the audit’s clean opinion indicates no material weaknesses disclosed in the independent auditors’ report, and the sizable unassigned general‑fund balance provides a cushion for short‑term revenue interruptions. The policy updates formalize reserve guidance and procurement practices the city uses across capital and operational projects.
What’s next: the audit and updated policies are now part of the public record on the city’s website; staff will use the new financial policies in budgeting and procurement going forward.
