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City posts clean audit, general-fund reserves exceed policy targets
Summary
Finance Director Matt Baker presented the FY 2024-25 audited financial statements showing a clean (unmodified) auditor opinion, net position increases, a $15.55M unrestricted general-fund balance exceeding policy targets, and capital spending growth driven by major projects.
Finance Director Matt Baker presented the city's audited financial statements for the fiscal year ended June 30, 2025. The independent auditors (Davis Pharr LLP) issued an unmodified, or "clean," opinion on the financial statements.
"Davis Pharr LLP issued an unmodified opinion," Baker said, summarizing that the city's net position increased by several million dollars and that the general fund's unrestricted fund balance totaled $15,550,000, exceeding the city policy target of roughly 50% of operating expenditures. He noted capital-asset increases of about $5.6 million driven by local capital projects and an increase in noncurrent liabilities from landfill-closure obligations and new subscription-based IT contracts.
Baker highlighted business-type fund changes: harbor net position increased, while sewer and transit funds showed modest net-position declines. He warned that some proprietary funds show negative unrestricted net positions due to pension and OPEB recognition but said those are long-term obligations not due in a single year.
Council discussed sewer capital needs in light of the force-main emergency and asked staff to continue evaluating long-term wastewater solutions and funding strategies.
Baker encouraged residents to review the full statistical section of the report for 10-year trends and noted that audited financials will be posted on the city's website.
