Taylor council accepts 2024 financial audit; auditors report clean opinion

The Taylor City Council voted to receive and file the city's financial audit for the year ended June 30, 2024, after auditors from Plante Moran presented the report and answered council questions.

"The city did receive an unmodified audit opinion again in the current year," said Bill Brickey of Plante Moran, who outlined the audit deliverables, including the financial statements, the report to the mayor and council, and a report on internal controls. Brickey told the council the auditors did not identify any deficiencies in the city's internal controls this year.

Manager Nate Sherab highlighted financial results, saying the general fund balance increased by about $6.2 million in the year, exceeding the budgeted $3.7 million. "The general fund's unassigned fund balance as of June 30 was $19,400,000," Sherab said, adding that the figure partly reflects timing and federal grant receipts such as ARPA funding.

Council members and staff also discussed long-term liabilities. The audit presentation reported a net OPEB liability of about $119.6 million and pension liabilities across plans (police and fire ~$68.5M; general employees ~$34M). City administration noted that the net OPEB liability had been substantially higher in 2018 and said the city is on a corrective path.

The council applauded staff and the auditors for the clean audit and then voted to receive and file the report; the motion carried on a voice vote. The auditors noted the separate single-audit (federal grants compliance) was still in process and expected to be completed in the coming weeks.