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Monticello council accepts 2025 audit showing investment-driven drop in cash reserves
Summary
The Monticello City Council unanimously approved the 2025 audit presented by MCK CPAs, which shows a $6.5 million decline in current assets tied to capital projects but a $700,000 increase in net position and improved police-pension funding.
Monticello — The Monticello City Council on June 10 voted to approve the city's 2025 audited financial statements after an overview by Steve of MCK CPAs and advisers.
Steve told the council the report shows total current assets of just over $18 million, a decline of about $6.5 million from 2024 that he attributed primarily to spending on large capital projects. "That drop was all due to investment in these new large projects," he said. He added total net capital assets rose roughly $6.1 million and the city's total net position rose to $34.5 million, an increase of about $700,000 from the prior year.
The audit also highlights that governmental fund balances declined by nearly $7 million for the year because the city expended money on capital outlays. Steve noted one revenue driver was a roughly $430,000 decrease in state personal property replacement taxes and said revenues were also affected by fewer grants in 2025.
The report singled out the police pension fund, which increased by about $680,000 in 2025 after the city made an extra $500,000 payment to improve funding levels. The auditor said an actuarial contribution recommendation for 2025 was about $106,000; the city's employer contributions for the year were substantially higher.
Council members asked whether declines in recreation revenue might reflect park renovations that reduced usage; the auditor said recreation revenue had in fact held steady compared with the prior year and reiterated the larger drop was state tax revenue.
After brief discussion the council moved to approve the audit. Roll-call votes were recorded and the motion passed with all members present voting yes.
The council and staff were directed to review the detailed notes in the audited financial statements for line-item detail (the auditor cited specific pages during his presentation) and to expect the formal actuarial report later this year that may affect future pension contributions.
The approved audit will be posted with the city's financial records; the council did not alter the report at the meeting and no supplemental motions were made.
