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Madera accepts FY 2024–25 audited financial statements showing stronger reserves and lower pension liability
Summary
Council accepted the FY 2024–25 audited financial statements showing an increase in government‑wide net position to about $420 million, stronger general‑fund reserves (unassigned balance ~$20M; available reserves ≈81% of expenditures), and a modest reduction in pension liabilities; auditors issued an unmodified opinion with no material weaknesses.
The Madera City Council accepted the city’s FY 2024–25 audited comprehensive financial statements on March 18, receiving a report that officials described as a positive indicator of fiscal health.
Finance Director Mike Lima presented the audit highlights: government‑wide assets increased by roughly $10 million while liabilities declined by about $16 million, bringing net position from approximately $376.5 million to roughly $420 million. The city’s general fund unassigned balance grew from about…
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