Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Cleveland council accepts clean FY2025 audit, reserves at 72% of general fund spending
Summary
Auditors issued an unmodified opinion and council voted 7'to'0 to accept the FY2025 comprehensive financial report; the city reported a $68.2 million net position and an unassigned general fund reserve equal to about 72% of annual general fund expenditures.
The Cleveland City Council unanimously accepted the city's fiscal year 2025 comprehensive financial report after a presentation by auditor Mike Brooks of Brooks Watson & Company.
Mike Brooks told the council the audit team issued an unmodified (clean) opinion on the city's financial statements and highlighted key figures: a total net position of $68,200,000 (an increase of about $3,600,000), combined governmental fund balances of $12,600,000 (up roughly $1,800,000), and an unassigned general fund balance of $8,900,000, which Brooks said represents about 72% of the city's annual general fund expenditures. "That is the highest level of assurance that we can give that these financial statements are free of any material misstatement," Brooks said.
Brooks described the audit as risk-based and summarized budget-to-actual results: property taxes totaled just under $6.9 million (up about 9%), sales taxes were roughly $5.2 million, and total governmental expenditures were about $13.2 million with public safety representing the largest share. He also reviewed the water and sewer fund, reporting an $859,000 operational increase before transfers.
Mayor Danny Lee and several council members praised finance staff for the positive results. After a short question period, Councilman Julius Buckley moved to accept the audit presentation; the motion was seconded by Councilman Roscoe Ward and carried 7'to'0.
The audit presentation and council acceptance conclude the formal review of the FY2025 financial statements; Brooks noted minor findings and routine journal entries were addressed during the process and said staff had provided good records and cooperation.
The council did not direct immediate follow-up beyond standard review of the auditor's findings and recommendations; the audit will be filed as part of the city's financial records and submitted for any applicable awards or certificates of achievement.
