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External auditors give Venice a clean opinion on FY2025 financials; pensions and reserves strengthened
Summary
Forvis/Marazs delivered an unmodified audit opinion on the City of Venice FY2025 financials, with no internal‑control findings; auditors highlighted improved pension funding, a strong general fund balance, and typical enterprise fund depreciation dynamics at the airport.
City finance director Linda Seney and outside auditor Jeff Wolf reported an unmodified opinion on the city’s FY2025 financial statements and no findings on internal controls or compliance programs tested. The auditors noted strong liquidity metrics, improvements in pension funding (police pension fully funded; fire pension approximately 80% funded), and a general fund assigned/unassigned balance consistent with prior years. Wolf said a fresh audit methodology by Forvis yielded the same overall assessment: the city remains in a strong fiscal position.
Auditors explained why the airport shows an operating loss on accrual statements while still producing positive cash flow: depreciation of capital assets is recorded as a non‑cash operating expense while many airport capital projects are funded through federal and state grants. Wolf also noted the general fund finished the year with revenues about 4.2% above budget, driven largely by investment income and ambulance revenues, and expenditures modestly under budget with some encumbrances carried forward.
