Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
White Cloud audit shows "clean" opinion and $6.21 million net position
Summary
Auditor Ian Rees told the White Cloud City Council the fiscal 2024–25 audit received a clean/unmodified opinion; the city reported a $6,212,743 net position, $589,588 unrestricted, and combined governmental fund balances of $809,524.
Ian Rees, an auditor with Gabridge & Company, PLC, presented the City of White Cloud’s fiscal year July 1, 2024–June 30, 2025 audit and reported a “clean/unmodified opinion,” the firm’s highest assurance rating.
Rees said the city’s net position totaled $6,212,743 at fiscal year end. Of that amount, $5,268,074 (84.8%) reflects investment in capital assets — land, buildings, equipment and infrastructure — that are not available for future spending. Rees reported $355,081 (5.7%) of net position is externally restricted and $589,588 (9.5%) is unrestricted and available to meet ongoing obligations.
The auditor told the council total revenues were $2,211,923 for the year and total expenses were $1,885,388. Governmental funds reported combined fund balances of $809,524; approximately $227,172 (about 15.9%) was unassigned and available for spending.
City officials heard that the figures indicate the city ended the year with positive balances in all reported categories of net position for both governmental and business-type activities. Rees emphasized the clean opinion but noted that most of the city’s net position is tied to capital assets and therefore unavailable for operating needs.
The presentation was recorded on the meeting agenda as a reserved-time item; no formal council action on the audit was recorded in the minutes.
