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Draft FY2025 audit expected clean; HHC reports improved net position but reduced cash
Summary
Forvis Mazars presented a draft fiscal 2025 audit and the finance committee expects issuance of the ACFR and single-audit by June 26; consolidated results show cash down about $3 million year-over-year and net position up roughly $155 million as of March 31, 2026.
The finance and external audit committee accepted draft FY2025 audit materials presented by Forvis Mazars and anticipates issuing the Annual Comprehensive Financial Report (ACFR) and single-audit report by June 26. James Simpson told trustees the audit team ‘‘presented the fiscal year 2025 audit report communication’’ and staff expect a clean (unmodified) opinion in the final reports.
Simpson summarized consolidated financials through March 31, 2026: cash decreased about $3 million compared with last year while net position increased roughly $155 million. He said operating income is favorable to budget by about $20 million and nonoperating revenue is favorable to budget by about $16 million. Simpson also reported open purchase orders and projected a year-end reduction in fund balance of approximately $15.1 million compared with a budgeted $25 million deficit; the 2027 statutory budget process is underway and will be introduced to committees in July.
