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City of White Cloud audit returns clean opinion; unrestricted funds $589,588
Summary
Ian Rees of Gabridge & Company told the White Cloud City Council on Feb. 3, 2026 that the city received a "clean/unmodified opinion" for FY 2024–25 and reported a net position of $6,212,743 with $589,588 unrestricted.
Ian Rees, representing auditor Gabridge & Company, PLC, told the White Cloud City Council on Feb. 3 that the city received a "clean/unmodified opinion" on its financial statements for the fiscal year ended June 30, 2025.
Rees reported the City had a net position of $6,212,743; of that amount, $589,588 is unrestricted and available to meet ongoing obligations. He said the city recorded $2,211,923 in revenues and $1,885,388 in expenses for the year. Combined governmental fund balances were $809,524, with $227,172 (about 15.9 percent) unassigned and available for spending. Rees noted the city's net position included $5,268,074, or 84.8 percent, tied up in capital assets such as land, buildings, equipment and infrastructure, which are not available for operating use.
The auditor's presentation identified $355,081 (5.7 percent of net position) in resources subject to external restrictions. Council packet figures and Rees's summary were received by the council; no formal action was required beyond receiving the audit report.
The audit's clean opinion signals the independent auditor found no material misstatements in the city financial statements for the period under review. The council did not take additional action at the Feb. 3 meeting beyond accepting the report for the record.
