Altamonte Springs accepts FY2025 financial report after clean audit

The Altamonte Springs City Commission on June 2 accepted the Fiscal Year 2025 Annual Comprehensive Financial Report, following a presentation by Chief Financial Officer Tara Culver and remarks by the city's external auditor.

CFO Tara Culver told the Commission the report, audited by Forvis Mazars, received "an Unmodified Opinion," and that the city ended the year with assets and deferred outflows of approximately $452 million and liabilities and deferred inflows of approximately $45 million, leaving a $407 million net position—an increase of $24 million from the prior year. Culver highlighted enterprise fund positions: the Water and Sewer Operating Fund had a $148 million net position (up about $5 million), the Refuse Disposal Fund about $3 million (up roughly $70,000), and the General Fund maintained a nearly $19 million fund balance with reserves sufficient to cover about 30% of next year's General Fund operating expenses.

Joel Knopp, the city's external audit partner, said the audit process went smoothly and that "there were no audit adjustments," noting clean reports on grant compliance, the management letter, and investment compliance. Commissioner Reece moved to accept the ACFR and Commissioner Turney seconded; the motion carried unanimously.

The presentation emphasized continuing pressures from inflation and rising infrastructure and maintenance costs and praised the Finance Department for conservative management. The Commission did not take further action beyond accepting the report and recording the audit results.