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Auditors give Belmont an unmodified FY2025 opinion as fund balances rise
Summary
Martin Starnes & Associates presented Belmont’s fiscal year 2025 audit, reporting an unmodified opinion with no material weaknesses. Revenues rose about $3.1 million and the general fund balance increased roughly $7 million; staff said they expect removal from the Local Government Commission distress list soon.
Ethan Baumgarner of Martin Starnes & Associates told the Belmont City Council that the firm issued an unmodified opinion on the city’s fiscal year 2025 financial statements, meaning auditors found no material misstatements.
"We have issued an unmodified opinion," Baumgarner said, and noted there were no significant deficiencies or material weaknesses in the audit. He said the general fund balance rose by about $7 million and overall revenues increased roughly $3.1 million, driven primarily by higher ad valorem tax receipts and local option sales taxes.
City staff and council members asked when Belmont might be removed from the Local Government Commission’s distress list. Finance staff said they have repeatedly asked the LGC and expect removal "fairly soon" now that the audit package is complete.
The auditors also reported that the water and sewer fund’s quick ratio was near 4 and that net position in that fund increased by about $3.4 million, a change the auditor attributed in part to donated sewer lines and other asset additions.
The council thanked auditors and staff for producing a clean audit; the presentation concluded with no actions required beyond filing and routing the audit documents to required agencies.
