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Brooksville receives clean FY2025 audit; finance team gets recommendations on controls and inventory
Summary
CliftonLarsonAllen delivered an unmodified opinion on Brooksville’s FY2025 financial statements, highlighting strong general‑fund reserves, a successful single‑audit with no findings for tested grant work, and recommendations for year‑end close, inventory tracking, and investment continuing‑education compliance.
CliftonLarsonAllen presented the city’s FY2025 audited financial statements and issued an unmodified (clean) opinion, the auditor told council during Monday’s meeting.
Julie Fowler, CPA, said general‑fund revenue for the fiscal year ending Sept. 30, 2025, was just under $11 million. While the general‑fund balance decreased about $2.5 million during the year, the city still held reserves equal to more than five months of recurring operating expenditures — above the common three‑month recommended target. The utility fund saw an approximately $2.5 million increase in capital grants tied to the sewer rehabilitation project; sanitation fund expenses continue to exceed revenue before transfers and remain an item for monitoring.
Auditors performed a single‑audit of federal/state grant compliance because grant spending exceeded the threshold; Fowler reported no findings for the wastewater grant tested. She listed recommendations for improving year‑end close procedures, refining the supplies inventory system, and ensuring the person making investment decisions completes required continuing education (8 hours annually under the cited investment statutes) going forward.
Council thanked the finance team for completing the audit before the statutory deadline and asked staff whether formal acceptance of the audit was required; staff clarified the night’s presentation was informational and that acceptance procedures vary by jurisdiction and agenda framing.
