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Holly Hill audit: city gets unmodified opinion for year ended Sept. 30, 2025
Summary
A James Moore audit presented to the Holly Hill City Commission reported an unmodified opinion on the city's financial statements for the year ended Sept. 30, 2025, noting increased reserves, a $6.5 million restricted CRA balance, and an outstanding FEMA receivable of about $665,000.
Chris Noyce, senior audit manager at James Moore, told the Holly Hill City Commission the firm issued an unmodified (clean) opinion on the city's financial statements for the year ended Sept. 30, 2025. "That's the best opinion I can give you all," Noyce said, adding the audit found no evidence of material misstatement.
Noyce summarized the city's finances, saying reserves have grown steadily from 2023 through 2025 and that most reserves are unassigned and therefore available for use. He noted the city has a $6,500,000 restricted fund balance in its community redevelopment agency (CRA) and $2,300,000 committed for capital projects. On utilities, he said stormwater and solid-waste reserves rose while water and sewer reserves decreased because money was set aside for future projects.
The audit identified a FEMA receivable related to Hurricane Milton of approximately $665,000 that staff expect to receive. Noyce also noted pension liabilities fluctuate with market conditions but said the plans' funded percentages and contribution rates appeared appropriate based on the audit work.
Commissioners thanked finance staff for the report. Commissioner Snow praised public-safety efforts during Bike Week and Mayor John Penny and other commissioners thanked staff for the work that led to the clean audit.
The audit presentation will be reflected in next year's reporting and there were no federal or state compliance findings reported in the audit, according to Noyce.
