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Council accepts 2025 audit showing modest net position gain and healthy reserves
Summary
An independent audit presented a clean opinion on Plainview’s 2025 financial statements, showing total assets of $160.85 million, liabilities of $56.66 million and an end-of-year net position increase of about $4.2 million; the council accepted the report and thanked staff.
The Plainview City Council voted to accept the city’s 2025 comprehensive financial report after an audit partner said the firm issued "a clean and unmodified opinion" on the basic financial statements. Auditor Tyler Kennedy told the council the report reflects a $325,000 increase in total assets to about $160,852,000 and an end-of-year net position of $105,549,000, up roughly $4.2 million from the prior year.
Kennedy highlighted that governmental funds ended the year with a total fund balance of $23,461,000 and roughly nine months of unassigned general fund balance — a level he described as healthy. He attributed much of the year-over-year changes to capital investments and the drawdown of coronavirus relief grants; "most of that is related to the investing in those capital assets," he said. Council members praised finance staff for their work and asked for copies of the full report for review. Council Member House moved to accept the financial report as presented; the motion was seconded and the mayor announced the measure was approved.
Why it matters: the audit provides assurance about the city’s financial statements and documents the city’s funding posture ahead of ongoing capital projects and budgeting decisions. The auditor also noted the city had adopted GASB 101 for compensated absences and that the firm reported no material weaknesses or significant deficiencies in internal control. The council did not attach further action to the acceptance beyond the usual review and recordation of the audit.
