Independent auditors issue clean opinion on Garden City FY25 financial statements

Malden and Jenkins, the independent auditors for Garden City, presented their FY25 audit and issued an unmodified (clean) opinion on the city's financial statements. Kellen Shuford, the audit director, told the council the government-wide statements show about $105,500,000 in total assets, $36,900,000 in total liabilities and an ending net position of about $68,600,000. Revenues of $33,100,000 exceeded expenses of $28,000,000, producing an increase in net position of roughly $5,100,000.

Shuford said the city's general fund ended the year with approximately $17,900,000 in cash and investments and a fund balance near $17,100,000, equivalent to about 15.6 months of operating expenses. "That is a very, very healthy position for your general fund to be in," he said, and added the result means the city is well-positioned to absorb unforeseen events. He also noted enterprise funds for water, sewer, stormwater and fire protection presented no significant concerns; the solid-waste fund ended the year with a modest deficit of about $10,000.

On the audit opinion, Shuford said, "We were able to issue an unmodified or a clean opinion. It is the highest level of assurance we can give you." He added the firm issued an unmodified opinion on the single audit for federal grant spending this year as well; the single-audit related to ARPA funding. The auditors reported no audit findings, no disagreements with management and no uncorrected misstatements.

Shuford thanked the finance staff for cooperation during the engagement and said the firm will work with city personnel on several new accounting standards effective in FY26. The presentation concluded with an offer to answer council questions and to provide any requested follow-up information.