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Independent audit gives Tega Cay an unmodified opinion for FY2025
Summary
An independent auditor told council the city received an unmodified (clean) opinion on its FY2025 financial statements, reported increases in net position, and highlighted net pension liability figures and fund balances during a condensed presentation.
An independent auditor presented the condensed FY2025 audit to Tega Cay’s City Council on March 16, reporting an unmodified (clean) opinion on the city’s financial statements and providing key fund and liability figures.
The auditor summarized government‑wide totals: approximately $52.8 million in total assets (about $34.4 million in depreciable capital assets), total liabilities of roughly $27.8 million, and a net position reported at about $27.0 million. For governmental activities the auditor reported total revenues of $21.7 million and total expenses of $19.6 million, leaving an increase in net position of about $2.1 million. The general fund’s fund balance increased by about $1.7 million to $14.0 million, with roughly $10.1 million unassigned.
The auditor emphasized pension accounting under GASB 68/71 and noted a significant net pension liability figure referenced during the presentation (the auditor cited approximately $11.7 million as the unfunded portion tied to actuarial determinations). Council members asked clarifying questions about what the unfunded pension amount represents; the auditor explained that the liability reflects an actuarial unfunded amount recognized on government financial statements and that the city pays required retirement contributions to the state system.
Council thanked staff for their work producing records for the audit. The auditor said the full audit report and slides would be provided to council and posted online.
