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High Point receives clean FY25 audit; finance staff report $4.4M fund‑balance increase amid accounting reclassification
Summary
Financial Services Director Bobby Fitzjohn told the High Point City Council on March 2 that the city received an unmodified fiscal‑year 2025 audit opinion, that fund balance rose roughly $4.4 million and that a reclassification of showroom and occupancy taxes to a special revenue fund reduced reported general‑fund revenues by about $4.8 million.
At a March 2 special meeting, Mayor Pro Tem Monica Peters and the High Point City Council heard from Financial Services Director Bobby Fitzjohn that the city received an unmodified opinion on its fiscal‑year 2025 financial statements and noted a roughly $4.4 million increase in fund balance.
Fitzjohn said the audit arrived later than usual because a federal compliance supplement was delayed after a government shutdown and that the state treasurer extended the filing deadline to Feb. 12. "We are on time, although we are later than we usually like to be," he told council members.
The presentation emphasized an accounting change that lowered reported general‑fund revenues between 2024 and 2025. "We moved the showroom tax and the occupancy tax out to a special revenue fund," Fitzjohn said. "That led to a…
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