Independent auditor presents FY2025 financial report showing $59 million net asset surplus
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Summary
Armstrong Vaughn & Associates presented the city's annual comprehensive financial report for the fiscal year ending Sept. 30, 2025, delivering an unmodified opinion and noting $59 million more in assets than liabilities overall, strong unrestricted balances and recent bond issuance driving fund increases.
The city’s independent auditor, Jacob Toomey of Armstrong Vaughn & Associates, briefed council on the Fiscal Year 2025 Annual Comprehensive Financial Report (ACFRA) and audit results.
Toomey said the firm issued an unmodified (clean) opinion on the financial statements and noted an ‘‘emphasis of matter’’ due to a change in accounting principles that required prior‑period restatements. He summarized key figures: "your assets were 59,000,000 more at September 30 than your liabilities," and roughly $20,000,000 of that was held in cash; unrestricted balances on the governmental side represented about 4.9 months of standard operations and business‑type activities had roughly 7.7 months of unrestricted operations.
The auditor explained that increases in fund balances were driven by grant revenues, higher property valuations, capital contributions from development (donated infrastructure), and the 2025 bond issuance; the report also detailed completed projects (animal services facility) and major ongoing work (road rehabilitation packages). Toomey emphasized there were no disagreements with management and no significant deficiencies found during the audit.
Council asked clarifying questions about reporting presentation and next steps. The auditor offered to answer additional questions offline and provided contact information for follow-up.
Next steps: Finance staff will finalize posting and any administrative follow-up; council accepted the presentation and may use the report for future budget and policy discussions.
