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Independent auditor presents FY2025 financial report showing $59 million net asset surplus
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…
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