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Marysville auditors issue clean opinion on 2025 finances; general fund posts $1.02 million gain
Summary
External auditor Karen Shafiq of UHY said Marysville received an unmodified (clean) opinion on its 2025 financial statements and reported a $1,021,899 increase in the general fund balance for the fiscal year ending June 30, 2025.
Karen Shafiq of auditing firm UHY presented Marysville’s 2025 audit to the City Council on Jan. 26, saying the auditors issued an unmodified, or "clean," opinion on the city’s financial statements.
Shafiq said the general fund had assets of $12,748,741, liabilities of $449,568 and a fund balance of $12,279,501 as of June 30, 2025. She reported total general fund revenues of roughly $13.2 million and expenditures of about $10.2 million, producing a net increase in the general fund of $1,021,899 for the year. "You do have an unmodified opinion or a clean opinion, which is the best that you can get," Shafiq said.
The auditor walked council through other major funds. The Local Street fund showed a June 30 fund balance of $1,537,046; Major Street fund $2,338,124; Public Improvement fund $1,089,583; and other governmental funds combined were $2,028,027. Shafiq said enterprise funds had mixed results: the water supply system showed a net position decrease of $57,035 while the wastewater system’s net position increased by $693,661. She cautioned that net position changes reflect capital assets, debt and pension/OPEB liabilities, whereas working capital compares current assets to current liabilities and can move independently.
Councilors asked for clarification on the water figures after Shafiq noted the water system’s $57,035 decrease in net position but an increase in working capital compared with the prior year. Shafiq explained the $57,035 is the change in total net position (including capital and long-term items) while working capital measures only short-term liquidity.
The auditor also reviewed internal service funds (equipment rental, health care and vacation/sick accruals) and fiduciary funds, reporting pension and retiree health care funding levels (police and fire retirees ~61.41% funded; other city retirees ~63.52%; retiree health care ~74.22%). Shafiq said the city continues to make contributions intended to improve those funded ratios over time.
Shafiq noted the audit communication letter and an internal control report had been discussed with management in December and were provided to council for review.
The council did not take action on the audit itself at the meeting; members thanked staff and auditors for the presentation and for the city’s fiscal stewardship.
