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Lowell accepts FY 2024–25 audit showing improved net position
Summary
Auditors reported a clean, unmodified opinion for Lowell's FY 2024—25 financial statements, citing a roughly $394,000 increase in net position and a general fund positive change of about $447,000; the council unanimously accepted the audit.
Auditors from Umpqua Valley Financial LLC presented Lowell's FY 2024—25 audited financial statements on Feb. 3, 2026 and the City Council voted unanimously to accept the report.
Ashraf Farishta Lakhina and Savannah Halter of Umpqua Valley Financial LLC told the council the audit issued "a clean, unmodified opinion with no material misstatements." The presenters reported the city's net position increased by approximately $394,000, total assets increased while liabilities slightly decreased, and the general fund realized a positive change of about $447,000 for an ending fund balance of $324,000.
Layli Nichols, the city's contract accountant, told the council the city is "moving in a positive financial direction due to good decision-making by the council." Councilor Jimmy Murray moved to accept the FY 2024/25 audit; Councilor Tim Stratis seconded and the motion passed unanimously. The audit has been submitted to the state, according to the minutes.
