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Brentwood reviews FY2025 audit; assigned fund balance declines but remains at multi-month level
Summary
CLA Connect presented the FY2025 audit: the assigned fund balance declined but still covers roughly five months of general expenditures; the general fund ended about $8.5 million and total governmental funds were nearing $25 million. The auditor noted a nonmaterial uncorrected misstatement.
Adam Pulley of CLA Connect told the Brentwood Board of Aldermen on June 15 that the firm is preparing an audit opinion on the city’s fiscal year 2025 financial statements and expects to report no formal findings.
Pulley said the city saw a decline in its assigned fund balance but that it "remains to cover 5 months of general expenditures." He reported the general fund ended the year at about $8.5 million and all governmental funds were nearing $25 million. Pulley also said the auditor’s letter to governance references an uncorrected misstatement that the firm does not consider material.
The presentation summarized the audit process and thanked Finance Director Michelle DePew and staff for their work preparing the statements. The board did not make any motions tied directly to the audit during the meeting; the briefing served as an informational update and part of the city’s oversight of budgetary condition.
Why it matters: The assigned fund balance is a key short-term liquidity indicator for municipal operations; a decline that nonetheless covers multiple months of expenditures suggests the city maintains operating reserves while warranting monitoring of future budgets and revenue assumptions. The board’s next procedural steps were not specified in the minutes.
