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Independent audit: Roberts ends FY2024 with $444,750 fund balance, improvements and some liabilities
Summary
Auditors told Roberts City Council the city ended the fiscal year with an unrestricted cash balance of $713,000 (down $286,000 from prior year), a general fund balance of $444,750 (about eight months of operations) and total liabilities primarily from bonds of $1,312,000; water and sewer funds showed mixed results.
Damon Johnson of Jensen Poulson & Company presented the independent audit for the fiscal year ending Sept. 30, 2024, reporting an improved overall position but notable shifts across funds.
The audit showed unrestricted cash balances of $713,000, a decrease of $286,000 from the prior year. Capital assets increased by $514,000 and receivables rose by $58,000, which the auditor said balanced the cash decrease. Restricted cash held for bond payments totaled $146,000. Total city liabilities finished the year at $1,312,000, the majority attributable to bond balances.
The general fund closed with a fund balance of $444,750, which the audit characterized as sufficient to cover roughly eight months of current operations. In fund-level detail, the Water Fund recorded customer charges of $125,000 and expenses of $164,500, yielding a net loss of about $33,000 and unrestricted cash of $88,000; bonds payable were listed at $309,000. The Sewer Fund reported customer revenue of $139,000 and expenses of $222,000, net position growth of $95,000 and unrestricted cash of $57,000 with bonds payable of $695,700. The Sanitation Fund showed revenue of $31,600 and expenses of $29,500 for a $2,100 net income.
The auditor noted delinquent utility billing accounts decreased markedly compared with the prior year. The audit was presented to council for review; no formal vote was required on the report itself.
The city manager and council did not announce immediate policy changes in response to the audit; staff and council will consider the findings during upcoming budget and operational discussions.
