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Jamestown council accepts independent audit showing positive fund balances
Summary
An independent auditor reported an unmodified opinion on Jamestown's financial statements and the council accepted the audit and budget highlights by voice vote. The audit showed roughly $1.2 million in combined fund balance and a positive change in fund balance for FY ending June 30, 2024.
Brad Haines, an auditor with RKC Gates in Lexington, presented the city's independent audit and financial highlights for the fiscal year ending June 30, 2024, saying, "we've issued you an unmodified or plead opinion on your financial statements." Haines walked the council through condensed statements, noting about $1,000,000 in cash and certificates of deposit, roughly $300,000 in accounts receivable and a combined fund balance near $1,200,000. He reported total revenues of about $1.7 million against expenditures just under $1.6 million, producing a roughly $184,000 positive change in fund balance for the general funds.
Haines also summarized the water and sewer enterprise results: roughly $2 million in cash and investments, accounts receivable near $465,000, operating revenues around $4 million and operating income of about $185,000. He told the council the cash flows from operations were positive (about $978,000) and said long-term debt and pension schedules were included for review. On internal controls, Haines stated he had "nothing to report" as a significant deficiency or material weakness.
After the presentation a council member moved to accept the audit and budget presentation and the motion passed by voice vote; the transcript records the council response as "Aye" with no recorded opposition. The council did not conduct a formal roll-call vote in the transcript.
Why it matters: The auditor's unmodified opinion signals that, in the auditor's view, the financial statements presented fairly in all material respects. Council acceptance allows staff to continue budget planning and public financial reporting with the audited figures as a base. The audit also highlighted capital outlay overspending relative to budget and included recommended schedules and disclosures the council can use for future planning.
Next steps: The council accepted the audit presentation and attendees noted the audit documents and pension schedules are available for review. The transcript does not record a scheduled follow-up hearing date or any additional formal direction to staff.
