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Council accepts clean audit for FY2024–25; finance report shows strong reserves and new accounting hire
Summary
An auditor issued an unmodified opinion on the city's FY2024–25 financial statements, reporting no material findings; council accepted the audit and staff reported a general fund ending balance of $7.6 million (about 14.9 months of operating expenditures) and announced a new accounting hire, Susan Bramley.
The Bulverde City Council accepted the city's annual audit for fiscal year 2024–25 after auditors reported an unmodified (clean) opinion and no material written findings.
Audit highlights: The presenter told council the audit resulted in an unmodified opinion, routine journal entries were recorded and there were no significant written recommendations. "We did issue an unmodified opinion," the presenter said. The presenter added that a few adjusting journal entries were routine and not considered significant corrections.
Financial position: Staff told council that the general fund ended with a balance of approximately $7,600,000, equating to about 14.9 months of average operating expenditures on the FY2025 numbers. The presenter said revenue increases were driven by ad valorem and grant revenue and that permit revenue declined versus the prior year. Staff also noted that ARPA funds used in prior years had been fully utilized by 09/30/2025.
Operations and hires: The finance presenter reported February revenue collections of $2,516,970 and year‑to‑date revenue at roughly $3,000,449, and monthly expenditures of $701,738. The presenter announced the hiring of an accounting staff member, naming Susan Bramley, who will start next Monday.
Utility funds and developer reimbursements: The auditor and finance staff discussed utility fund trends and noted developer reimbursements amounting to about $306,000 representing several fiscal years; staff explained the negative operating position reported for utilities reflected conservative recognition of potentially uncollectible developer reimbursement amounts and depreciation (a noncash expense).
Vote and next steps: Council moved to accept the annual audit and approved the motion by voice vote. Staff will continue to present monthly finance reports and will follow up on timing of developer reimbursements and any needed budget adjustments.
