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Universal City receives clean audit; council approves report
Summary
City auditor Janet Pittman told council the 2024 financial statements received an unmodified opinion and staff found no material weaknesses; council voted to accept the audit at the March 3 meeting.
The Universal City City Council on March 3 accepted its 2024 financial audit after hearing that auditors found the city's financial statements prepared in accordance with generally accepted accounting principles.
Janet Pittman, the city's auditor, told the council, “We have issued an unmodified audit opinion,” the highest level of assurance an independent audit firm can give. She said the city’s assets exceeded liabilities by about $109 million and that net position increased roughly $8.8 million from the prior year, driven in part by an $1.8 million land sale and higher fees in the water and sewer fund. Pittman also said the general fund balance stands near $18.0 million—roughly 12 months of operating expenditures—reflecting what she described as “strong fiscal oversight.”
Council members asked technical questions about how infrastructure and street repairs are treated for accounting purposes under GASB 34; Pittman explained that reconstruction or new roads are capitalized and depreciated while routine repairs are expensed. After discussion, a motion to approve the audit passed unanimously with council members present voting aye. The council took no further action beyond acceptance; the audit report and required disclosures will be posted per statute.
