City Council accepts FY2024 audit; fund balance up despite landfill liabilities

The Bristol City Council voted unanimously to accept the City’s Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024, after auditors reported an unmodified opinion.

Assistant City Manager and CFO Tamrya Spradlin introduced the audit presentation from Robinson, Farmer, Cox Associates. Auditor Corbin Stone told the council the audit produced an "unqualified or unmodified opinion," meaning the financial statements were materially correct and no material noncompliance or significant internal control deficiencies were found. He said federal programs audited this year showed no issues.

The report showed the city’s general fund balance rose from $43 million to $53 million and that the ending fund balance represented roughly 42% of annual expenditures, with an ending cash balance near 29% of expenditures. Those improvements coexist with increased long-term obligations, which the audit attributes primarily to integrating solid waste operations and landfill closure liabilities into government activities; auditors reported total long-term obligations of about $260 million.

The audit also noted that the school board’s long-term liability is about $16 million and that the city’s total debt per capita is about $18,000, compared with a state average of roughly $7,800. City staff told the council the increased liabilities will be funded from recurring revenue sources such as tax, sales and meals taxes rather than by selling fixed assets.

"These changes reflect the financial adjustments and challenges the City has faced, particularly with the landfill closure," Stone said during the presentation. Spradlin thanked the auditors and emphasized that "these challenges will require careful planning and management," noting more than $30 million in bond anticipation notes coming due in FY26.

Councilmembers praised the finance department and auditors for the work. The motion to accept the report passed 5–0.