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Auditors give Highland a clean opinion; council accepts FY2024 report
Summary
City auditors Scheffel Boyle presented a clean opinion on Highland’s FY2024 financial statements and reported a roughly $4.8 million increase in net position for the year; the council unanimously accepted the combined annual financial report.
Mark Korte, principal at the accounting firm Scheffel Boyle, told the Highland City Council that the Combined Annual Financial Report for the fiscal year ending April 30, 2024, received a clean opinion and "present[ed] fairly, in all material respects, the respective financial position" of the city. The council voted unanimously to accept the report.
Korte said the city reported $154,340,153 in assets for April 30, 2024, up from $151,093,578 the prior year, with liabilities declining to $48,786,227. Overall net position increased by approximately $4.8 million year-over-year; governmental activities rose about $3.6 million and business-type activities about $1.2 million. He flagged enterprise fund gains: Light & Power (+$843,615), Water (+$431,295), Sewer (+$434,540) and Solid Waste (+$38,468).
Korte explained the report follows the Governmental Accounting Standards Board (GASB) 34 model, which requires depreciation of fixed assets and separate reporting for fiduciary pension funds. He noted GASB Statement 96 (subscription-based software) was identified but had no impact on the city’s FY2024 financial statements. The audit package includes a statement of internal control findings and corrective action plans.
Finance Director Reanna Ohren and City Manager Chris Conrad were thanked for their assistance compiling the statements. The statistical section shows property-tax revenue growth of 8.3% and a city levied tax rate decline of 2.8% over the 10-year table, and reported the city’s current long-term debt of $10,243,515 with a stated maximum additional debt capacity of $11,258,474 based on assessed valuation.
The council accepted the Combined Annual Financial Report by roll-call vote. Mayor Kevin Hemann described the audit as a "very positive report," and Korte said the results indicate a solid fiscal year for the city.
