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Hampton audit shows $663,994 general fund balance and no findings for second year
Summary
The City of Hampton received the 2025 audit June 23: the General Fund holds $663,994, unassigned reserves rose to 325% of current expenditures (from 186% in 2024), and auditors reported zero findings for a second consecutive year.
The City of Hampton on June 23 received its 2025 audit from James Moore & Co., which showed the city’s General Fund had a total fund balance of $663,994 and an unassigned fund balance equal to 325% of current expenditures, up from 186% the prior year. Spencer Machuga of James Moore & Co. presented the report and highlighted stronger revenues tied to grant activity and lower expenses driven by grant-funded spending in fiscal 2024.
"Second year in a row with zero findings," Machuga reported as part of the audit presentation. City Clerk/Administrator Mary Lou Hildreth thanked the audit team and local partners, saying staff and contractors made the process straightforward. The audit also noted increases in governmental and business-type net positions overall.
The presentation did not include proposed policy changes; the council received the report as information. Hildreth and the auditor did not identify any outstanding issues requiring corrective action in the audit presentation.
