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Lucas accepts auditor’s clean ACFR for FY 24‑25, council hears financial highlights
Summary
City auditors issued a clean (unmodified) opinion on the FY 24‑25 Annual Comprehensive Financial Report. Council heard key figures — assets exceed liabilities by about $101.7M; unassigned general fund balance ~$11.5M (about 144% of annual expenditures) — and unanimously accepted the report.
Lucas City Council accepted the city’s Annual Comprehensive Financial Report (ACFR) for fiscal year 2024–25 after a presentation from auditor Mike Brooks of Brooks Watson & Company.
Brooks reported a clean (unmodified) auditor’s opinion and summarized key figures: total assets exceeded liabilities by about $101,728,000; governmental funds reported a combined ending fund balance increase of approximately $3.3 million year‑over‑year; unassigned general fund balance stood near $11.5 million, roughly 144% of annual general fund expenditures; and the city recorded an overall net position increase of about $10.6 million.
Councilors asked about debt‑service ratios and utility fund dynamics; Brooks said the city’s reserves and rates were in a healthy position and that the utility fund’s recent net position increase included a roughly $1.8 million capital contribution tied to developer infrastructure. Council accepted the ACFR and thanked the finance team for continued stewardship and transparency.
