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Auditor reports clean FY2024–25 audit for Roanoke Rapids; council accepts report
Summary
The city’s external auditor presented an unmodified FY2024–25 audit showing roughly $13.7 million in cash, a $12.2 million unassigned fund balance (about 63% of annual expenditures) and a $1.3 million net increase; the council accepted the report by voice vote.
The city’s external auditor presented the FY2024–25 financial audit and told the Roanoke Rapids City Council the report carried an unmodified opinion, meaning the auditor found the financial statements fairly presented under generally accepted accounting principles.
The auditor said cash in the bank at June 30, 2025, totaled about $13,700,000 and the unassigned fund balance was about $12,200,000, which the auditor described as roughly 63% of the city’s annual expenditures. Total general fund revenues were reported at about $20,400,000 against expenses of $19,100,000, producing a $1,300,000 increase in fund balance for the year.
The auditor also described the city’s debt and other liabilities, including direct equipment borrowings (about $588,000 at year-end), a tax-increment special revenue bond with roughly $6,000,000 remaining, lease liabilities of about $1,900,000 and an actuarially determined other post-employment benefit (OPEB) liability of about $6,300,000. The auditor said the city’s larger grant activity required a state single-audit review because the city received more than $500,000 in state funds during the year.
"In my opinion, based on my audit, the financial statements are presented fairly in accordance with generally accepted accounting principles," the auditor told the council, summarizing the unmodified opinion and noting there were no material findings in internal controls or compliance that required formal reporting.
Council members asked clarifying questions about grant reimbursements and debt; the auditor explained the audit presents money already spent and that many grants are drawn down on a reimbursement basis. After the presentation and brief Q&A, council voted to accept the audit report by voice vote.
The acceptance of the audit concludes the FY2024–25 financial review at the city level; the audit packet, including financial statements, notes and schedules, will remain part of the city’s public record.
