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Lowell audit shows $15.0 million in assets; water and sewer posts $371,006 loss
Summary
The city auditor told the Lowell City Council the 06/30/2025 financial statements show combined assets of $15,000,007.85, an unassigned fund balance of $2,000,005.14 and a $371,006.43 loss in the water and sewer fund; the Local Government Commission approved the audit in early February.
Butler, the city auditor, presented the finalized financial statements for the fiscal year ending June 30, 2025, telling the Lowell City Council that the city's combined assets exceeded liabilities and the audit had been approved by the Local Government Commission in early February. “The combined assets exceeded liabilities by 11,345,000,” Butler said, and reported combined assets of $15,000,007.85 and an unassigned fund balance of…
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