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Auditor reports clean opinion on City of Memphis FY2024–25 finances
Summary
On Jan. 6, 2026, UHY, LLC auditor P. Bailey told the City Council the FY2024–25 financial statements received an unmodified (clean) opinion; Bailey reviewed fund balances, statements of activity and noted a resolved hold on water-and-sewer grant funds.
P. Bailey of UHY, LLC told the City of Memphis Council on Jan. 6, 2026, that the citys FY2024–25 financial statements received an unmodified (clean) opinion and that auditors found no material weaknesses.
The auditor reviewed the statement of net position (including distinctions between commercial and traditional funds), property valuation notes, the statement of activity, the balance sheet and the statement of revenues and expenditures. Bailey said the audit showed fund balances and the citys equipment/replacement funds in order. Bailey also noted that a hold on water-and-sewer (W&S) grant funds had been identified during the audit and was subsequently resolved.
Why this matters: a clean opinion indicates the auditors believe the citys financial statements fairly present its fiscal position for the year in question, which can affect borrowing, bond rating considerations and public confidence in municipal stewardship.
Council members had the opportunity to ask questions; the transcript records that "all questions were answered" by the auditor. The presentation did not result in any vote beyond receipt of the auditors report.
