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Mebane reports a clean audit; council accepts FY2024-25 financial reports
Summary
City Manager Richard White reported an unmodified (clean) audit and fiscal-year 2024-25 figures showing a $176.1 million net position and revenue growth; the Mebane City Council voted unanimously to accept the reports.
City Manager Richard White told residents the City of Mebane received an unmodified (clean) opinion on its independent audit for fiscal year 2024-25 and the city council unanimously accepted the annual comprehensive financial report and the popular annual finance report for the year ended June 30, 2025.
White said the city's overall net position totaled $176,110,178, an increase of nearly $10 million from the prior year. He reported fiscal-year 2025 revenues grew 10.4% while citywide expenditures rose 20.1%. Governmental funds decreased by $268,192, and the proprietary fund increased by $10,252,005. Combined governmental fund balances were $31,900,000, of which $19,300,000 is unassigned and available for emergencies or one-time projects.
White also noted that general fund revenues and other financial sources totaled about $33.4 million, roughly 8% higher than budgeted, with revenue $2.5 million above budget. Tax collections were strong at 99.7%, and the city's tax base rose to $4.7 billion, a 9.17% increase over the prior year. During FY25 the general fund made $2.5 million in existing debt payments and the council authorized $8.5 million in new debt for vehicles and the Lake Michael Dam spillway renovation project.
White said the utility fund's total net position decreased by $49,000,000, primarily because the city issued revenue bonds for the water resource recovery facility expansion; unrestricted net position decreased by $65,300,000 for the same reason. The utility fund also issued $68,000,000 in new debt for vehicles and the Wharf Expansion project and made $3,000,000 in payments on existing debt.
"The city received an unmodified or clean audit opinion for fiscal year 2024-25," White said, explaining that an unmodified opinion means the auditor concluded the financial statements are presented fairly in all material respects and comply with generally accepted accounting principles. The council accepted the reports in a 5-0 vote.
Residents seeking more detail were directed to the City of Mebane website and the finance department for the full annual report and supporting schedules. The city said the annual comprehensive financial report is not required by the Local Government Commission but provides additional transparency for residents.
