Corinth reports clean audit; council files 2025 comprehensive financial report

Corinth received a clean audit for the fiscal year ending Sept. 30, 2025, and the City Council unanimously approved filing the annual comprehensive financial report (ACFR). Jeremy Stevens, partner with Edie Bailey LLP, told the council the firm issued an unmodified opinion "the financial statements present fairly in all material respects the financial position of the city."

The report shows total assets and deferred outflows of roughly $189 million and total liabilities and deferred inflows of about $86 million, yielding a net position of about $103 million, Stevens said. Total revenues fell by roughly $1.5 million year-over-year to just under $60 million, driven in part by the winding down of state and local fiscal recovery funds. Total expenditures rose by about $9.5 million to roughly $59 million, with the largest increase in the water and wastewater function.

Don Taylor, the city's assistant director of finance, introduced the item and recognized finance staff for their work preparing the ACFR. Stevens said auditors identified no material weaknesses or significant deficiencies in internal controls and made no audit-adjusting journal entries. He also reported a clean single-audit opinion for the city's major federal program tested (flood mitigation assistance).

By motion, council members approved the ACFR and authorized its filing with the city secretary. The council recorded the vote as unanimous. The filing initiates the public record of the city's audited fiscal statements and makes the ACFR available to residents and oversight bodies.