Snyder City auditor issues clean opinion; council approves 2024–25 financial report

Jeremy Stevens, an auditor with iBailey, told the Snyder City Council the firm issued an unmodified opinion on the city's 2024'25 financial statements and found no material weaknesses, significant deficiencies in internal control, or instances of noncompliance.

"In our opinion, the financial statements present fairly and all material aspects of the financial position of the city," Stevens said, noting auditors conducted their work under generally accepted auditing standards and governmental auditing standards. He described the result as a "good, clean audit year."

Stevens walked the council through key figures in the report. He said capital assets totaled about $33.4 million and that cash and investments on hand were roughly $11 million. Total liabilities were about $18.5 million, and the city's net position was about $32.9 million, a decline of roughly $1.5 million from the prior year. He highlighted that the city's unassigned general fund balance—money available for regular operating activities—was about $9.3 million, which he calculated represented roughly 8.5 times the average monthly general fund expenditures and well above a commonly recommended minimum reserve of three months.

Stevens also noted year-over-year changes driving expenditure growth: public safety and general government costs rose by about $800,000 each, and water and sewer business-type activity spending rose by about $600,000. Total revenues were largely comparable to the prior year.

Council members asked a few clarifying questions, including about sales tax receipts. Stevens said sales tax revenue for 2025 was lower than 2024 by approximately $32,000 but emphasized the city's reserve position remained healthy. After discussion, a motion to approve the 2024'25 Annual Comprehensive Financial Report was made and seconded; the council voted in favor and the report was approved.

The council's acceptance of the audit means the document will be filed as the city's adopted financial report for the fiscal year ending Sept. 30, 2025. The council did not direct additional follow-up beyond routine inquiries; the auditor reiterated his view that the city's reserve level was sound but cautioned that continued draws on reserves could change that assessment.

The council moved on to other agenda business. The next regular council meeting is scheduled for April 6 at 5:30 p.m.