Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Auditors give New Smyrna Beach a clean bill of financial health for FY2025
Summary
Purvis auditors reported an unmodified (clean) opinion on the city's FY2025 financial statements, with no findings or reportable conditions; the commission was told fund balances and reserves remain healthy despite recent storm-related costs.
Ron Whitesides, the lead auditor who presented the annual comprehensive financial report, told the New Smyrna Beach City Commission the firm "issued an unmodified opinion, a clean opinion" for the fiscal year ending Sept. 30, 2025. Whitesides said auditors reported no findings or reportable conditions and found no indicators of a financial emergency.
Whitesides summarized the city's financial position: total revenues rose by $4,800,000 over the prior year, driven primarily by a roughly 10% increase in property valuations that boosted property-tax receipts. The general fund held about $33,000,000 in assets and nearly $30,000,000 in fund balance, of which roughly $9,000,000 was assigned for the 2026 budget and at least $20,000,000 remained unassigned. Whitesides said that represented about 42% of annual expenditures, or roughly five months of reserves.
Mayor Cleveland and commissioners thanked the audit team and finance staff for preparing accurate statements that required no significant audit adjustments. Whitesides emphasized that while the statements looked healthy, his review did not assess infrastructure condition or growth needs; it focused on financial-statement presentation and compliance.
