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City auditor presents draft 2025 financial statements; council urged to rebuild liquidity
Summary
Love Bailey & Associates presented draft 2025 financial statements showing general fund revenues up to about $3.9M, a drop in unrestricted cash to roughly $1.5M (liquidity ~1.6 months), increased restricted grants and major capital investment in water-line work; the auditor said the single audit is pending the federal compliance supplement.
Will Walls, audit practice leader at Love Bailey & Associates, presented draft city financial statements for the year ended June 30, 2025, telling the council the firm currently plans to issue an unmodified opinion and that the single audit is pending completion of the federal compliance supplement.
Walls reported general fund revenues increased to about $3.9 million and total general fund expenditures increased by roughly $477,000. He said unrestricted cash fell to approximately $1.5 million (liquidity of about 1.6 months compared with 3.4 months in 2023), and attributed most of the decline to transfers and one‑time capital spending. Proprietary (utility and solid‑waste) fund revenues decreased modestly to about $8.1 million. Capital assets rose by about $8.9 million during the year, largely driven by a $7.2 million water‑line improvement project.
Council members thanked Walls and discussed setting aside funds in upcoming budgets to prepare for long‑term liabilities and water‑project paydowns. Walls said the firm expects to complete issuance of the audit in early January once outstanding federal compliance materials are available.
