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Kinston receives clean FY2025 audit; reserves and enterprise position improved
Summary
An independent audit of Kinston's FY2025 financial statements resulted in an unmodified opinion with no findings; the general fund rose to $20.67 million and enterprise net position increased to $183.16 million, the auditor said.
An independent audit of the City of Kinston’s fiscal year 2025 financial statements resulted in an unmodified opinion and no findings, auditor Matthew Finney told the council on March 3.
Finney, a CPA with RH CPA’s PLLC, said fieldwork was completed and the Local Government Commission approved the financial statements after an OMB federal compliance supplement delay tied to a federal government shutdown. He reported the general fund balance increased by $1,519,489 to $20,668,233 at year‑end and enterprise funds’ net position rose by $1,849,041 to $183,161,835, providing roughly 10 months of operating reserves for the general fund and about 13 months of reserves for enterprise funds.
Councilmembers praised Finance Director Donna Goodson and staff for producing reliable monthly financial reports and for preparing audit adjustments. Interim City Manager Ralph Clark said the city will work on establishing formal fund balance and investment policies during the upcoming budget process.
The auditor did not list recommendations because there were no findings; the council did not take further action at the meeting.
