Campbellsville council approves 2024–25 audit showing stronger reserves, no material weaknesses

The Campbellsville City Council voted to approve the city's 2024'25 financial audit following a presentation that described improved reserves and no material weaknesses in internal controls. The presenter summarized the statements and federal award schedules and answered questions before the council moved to adopt the audit.

The presenter said the city's total current assets were roughly $12.5 million and reported a net position of about $4,130,618. He told the council the general fund's available balance increased by about $975,187 compared with the prior year and that the water and sewer enterprise showed a larger, mostly grant‑related increase tied to unspent House Bill funding.

The audit summary also reported federal award spending and testing results; the presenter stated the audit found "no material weaknesses, significant deficiencies, [or] noncompliance" in the financial statements or federal award schedules. He told the council the city expended about $1.265 million in federal funds during the audit year for programs the auditor tested.

Jacob moved to approve the audit and Deanna seconded; the motion carried on a voice vote. The council did not record an itemized roll call in the transcript.

Why it matters: The audit provides the council and residents an independent review of the city's finances and internal controls, and the presenter's findings indicate the city ended the year with stronger available resources than the prior year and no audit findings requiring corrective action.

The council moved on to other agenda items after approving the audit.