Clean FY2024 audit confirms $47.2M fund balance, debt down 10%

The City's FY2023-24 Annual Independent Audit Report, completed July 14, 2025 and accepted by Council July 9, 2025, received an unmodified ("clean") opinion with no material weaknesses or significant deficiencies. Combined governmental fund balance stood at $47.2 million, up 6.1% from the prior year. Total long-term debt outstanding fell $4.3 million — down 10% — to $38.5 million. The General Reserve balance of $6,244,923 remained above the city's 25% statutory minimum, at 28.0% of prior-year General Fund revenue.

What it means: An independent, clean audit shows the city's books are current and improving, with total outstanding debt down 10% year over year.