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Maumelle City audit returns clean opinion; council accepts financials and introduces new finance director
Summary
Auditors delivered a clean, unmodified opinion and reported the city’s general fund declined by about $6.6 million largely because of planned transfers to capital and grant funds. The council accepted the audit and financial statements and introduced Anthony Armstrong as director of finance while thanking outgoing director Beatatrice.
David Coleman of Forvis told the Maumelle City Council the city's annual audit produced a clean, unmodified opinion and that the city is "completely caught up" on its audits. Coleman said auditors found no significant deficiencies or material weaknesses.
Finance Director Beatatrice reviewed June 2025 results and explained the general fund decreased by about $6.6 million in the current year, a change she said was mostly planned and driven by transfers to capital-project funds and grant funds. "We have a total fund balance of $5.5 million," Beatatrice said, and she noted the city’s unassigned fund balance equaled about 35% of next year's budgeted expenditures, above the Government Finance Officers Association guideline of about 20–25%.
Beatatrice also summarized enterprise and special funds: the sanitation enterprise reported roughly $1.3 million in operating revenue and a small loss in net position year over year; the city holds separate funds for the White Oak Crossing roundabout, Gateway Park and the Club Manor corridor; and the city has $10.6 million set aside across several project funds. She reviewed pension funding ratios—several plans were roughly 78–80% funded—and mentioned an OPEB (retiree medical) liability of about $1.1 million.
Auditor Coleman noted certain accounting and reporting changes expected in the coming years (enhanced risk disclosures and forthcoming changes to the financial reporting model and capital-asset disclosures), but told council he did not expect those pronouncements to cause material disruption. After discussion, the mayor called for a motion to accept both the audit report and the financial statements; the motions were made, seconded and carried by voice vote.
The mayor formally introduced Anthony Armstrong as the city’s incoming director of finance. Armstrong said he brings two decades-plus of banking, finance and economic development experience and will assume full duties August 1 as Beatatrice transitions out. Council members thanked Beatatrice for her work getting the city's audits current and praised the finance team's transparency.
Next steps: the council accepted the audit and directed staff to continue implementing routine financial reporting and to monitor upcoming accounting standard changes noted by the auditors.
