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City receives clean FY2025 audit; general fund revenues jump to $3.9 million on grants
Summary
Love Bailey CPAs delivered the FY2025 financial statements showing an unmodified (clean) audit opinion, a 70% increase in general fund revenues to $3.9M largely from a $1.5M parks & recreation grant, and a $1.9M decrease in fund balance due to transfers for capital.
At the Dec. 9 meeting auditors from Love Bailey CPAs presented Westminster's FY2025 financial statements, reporting an unmodified (clean) audit opinion for the year ending June 30, 2025. The presentation materials show general fund revenues rose to $3,914,946, a 70.3% increase over FY2024 driven largely by a $1.5 million parks and recreation grant recorded in FY2025.
The general fund expenditures totaled $3,347,573 (a 16.6% increase), and the report attributes a $1.9 million decline in fund balance to transfers out for capital projects. The proprietary (utility) fund reported $8,146,375 in revenues and a net position increase tied to capital contributions including $1.0 million from the Heirloom Farms project and a $1.6 million SCIIP grant. The audit materials and summary figures were provided as part of the meeting packet; Council did not take formal action on the statements beyond receiving the presentation.
