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Rochester audit: independent auditors give city a clean opinion as revenues and capital spending hold steady
Summary
Independent auditors PSLZ reported an unmodified (clean) opinion on the city’s financial statements and highlighted a 6.4% increase in taxable value, stable operating expenditures (~$14.5M), increased interest income, capital borrowing, and progress on pension and OPEB funding.
The city of Rochester received an unmodified (clean) audit opinion for the most recent fiscal year, auditors from PSLZ told the city council during the Nov. 25 meeting.
Raina Emmens, a partner with PSLZ, said the auditors found no exceptions or disclaimers and characterized the result as a "clean audit opinion." Emmens said the city’s largest revenue source, taxable property values, rose about 6.4% from the previous year; state shared revenue was effectively flat. She credited higher interest income and careful budget management for allowing the city to add to the general fund balance.
Key figures cited by the auditor:
- Unmodified (clean) audit opinion issued. - Property taxable value increase: ~6.4%. - General fund expenditures: approximately $14.5 million for the year. - New debt issued this year: $2.56 million in capital improvement bonds; principal paydown of roughly $2.1 million. - Pension funding cited around 63.8% (reported as an increase from the prior year) and a net investment gain reported in the OPEB trust.
Emmens said the city prioritized capital projects and used a mix of grants and non-local funding sources for infrastructure work, keeping operating costs stable while investing in long-term assets. She suggested staff and council continue using the budget process to align spending with council priorities.
Council members thanked the administration and the auditors for the clarity of the report; the presentation concluded with an offer by Emmens to answer questions and provide further detail to council if desired.
What happens next: The audit presentation does not itself change policy or budget but informs council as it develops the next fiscal year budget and capital plan.
