HomeMy WebLinkAbout2026 03 23 Regular 500a - Audit PresentationAudit Results for the
Fiscal Year Ended
September 30, 2025
Audit Engagement – What Did We Do?
Financial Audit
Financial Statements and Independent Auditor’s Report
Federal Single Audit
Internal Controls and Compliance Affecting
Financial Reporting
Examination of Compliance with Florida Statute on Investment of
Public Funds
Auditor’s Reports
ConclusionMatter
•Fairly stated in all material respects
•Unmodified Opinion (“Clean” Opinion)
Auditor’s Opinion on Financial
Statements and Notes
•3 Major Programs (ARPA, Watershed & Highways)
•No material weaknesses or significant deficiencies in internal control
over compliance
•No material instances of noncompliance or other matters
Federal Single Audit
•No matter to report in 2025; cleared remaining finding from 2023
audit (pension eligibility)
Internal Control, Compliance, and
Other Matters required to be
reported under Government Auditing
Standards
Auditor’s Reports
ConclusionMatter
•The City complied, in all material respects, with compliance
requirements for local government investments
Compliancewith F.S. 218.415
•No current year findings or recommendationsManagement Letter in accordance
with Chapter 10.550, Rules of the
Auditor General
•Recommendations have been provided to management; a majority of
recommendations made in our preceding reports have been
implemented
IT System Evaluation conducted to
obtain understanding of IT
environment related to financial
reporting process
Significant Estimates and Judgments
Certain aspects of accounting are more qualitativeand thus require more judgment and
estimation by management. The following items represent the most significant estimates:
•Depreciation Expense and Accumulated Depreciation based upon expected useful life of Infrastructure
•Allowance for Uncollectible Accounts
•Compensated Absences Liability
•Net Pension Liability, Expense and Related Deferred Outflows and Inflows of Resources
•Net OPEB Liability, Expense and Related Deferred Outflows and Inflows of Resources
Significant Audit Matters
ConclusionMatter
•Adopted GASB 101, Compensated Absences
•No transactions noted for which there is a lack of authoritative
guidance
Accounting Policies
•The disclosures are neutral, consistent, and clear
•Most significant disclosure in Note 14 regarding Wastewater
Treatment System project
Financial Statement Disclosures
•One material audit adjustment to grant revenue and receivable in the
Stormwater Fund
Adjustments Detected by theAudit
Process
•No significant difficulties encountered in dealing with management or
performing the audit
Difficulties Encounteredin
Performing the Audit
Financial Highlights – General Fund
2025 2024 Change
Revenues
Property Taxes 9,435,614 8,031,892 1,403,722
Utility and Other Taxes 6,091,189 5,560,878 530,311
Permits and Fees 2,872,975 2,709,863 163,112
Intergovernmental 4,892,935 4,922,321 (29,386)
Charges for Services 900,563 969,544 (68,981)
Fines and Forfeitures 71,394 133,758 (62,364)
Other 966,755 1,170,117 (203,362)
Total Revenues 25,231,425$ 23,498,373$ 1,733,052$
Expenditures
General Government 7,378,312 7,475,743 (97,431)
Public Safety 8,744,583 8,322,855 421,728
Physical Environment 1,374,370 1,281,529 92,841
Culture and Recreation 3,097,762 2,574,370 523,392
Debt Service 230,884 160,545 70,339
Capital Outlay 2,186,986 911,979 1,275,007
Total Expenditures 23,012,897$ 20,727,021$ 2,285,876$
Excess of Revenues over Exp 2,218,528$ 2,771,352$ (552,824)$
Proceeds from SBITA's 360,816$ 0$ 360,816$
Net Transfer In (Out) (4,000,964)$ (958,732)$ (3,042,232)$
Net Change in Fund Balance (1,421,620)$ 1,812,620$ (3,595,056)$
Financial Highlights – General Fund
2025 2024 Change
Total Assets 15,438,709$ 18,011,838$ (2,573,129)$
Total Liabilities 1,204,208$ 2,209,641$ (1,005,433)$
Deferred Inflows 3,738,480$ 3,884,556$ (146,076)$
Fund Balance
Nonspendable 236,434 144,133 92,301
Assigned 1,276,288 2,034,400 (758,112)
Unassigned 8,983,299 9,739,108 (755,809)
Total Fund Balance 10,496,021$ 11,917,641$ (1,421,620)$
Unassigned FB as a % of
Total Expenditures 39% 47%
Financial Highlights – Enterprise Funds
2025 2024 Change
Revenues
Utilities 17,237,786 14,502,217 2,735,569
Development Services 1,057,351 1,115,088 (57,737)
Stormwater 1,388,404 1,139,728 248,676
Total Revenues 19,683,541$ 16,757,033$ 2,926,508$
Expenses
Personnel 2,364,713 3,084,357 (719,644)
Materials & Supplies 2,433,147 1,606,028 827,119
Depreciation 3,729,185 3,602,561 126,624
Other Operating 8,313,530 8,756,901 (443,371)
Total Expenses 16,840,575$ 17,049,847$ (209,272)$
Operating Income 2,842,966$ (292,814)$ 3,135,780$
Nonoperating Revenue (Expense) 3,551,252$ 2,769,709$ 781,543$
Chng in NP Before Capital Contributions 6,394,218$ 2,476,895$ 3,917,323$
Connection Fees & Capital Contributions 217,900$ 276,177$ (58,277)$
Net Transfers In (Out) 14,834$ 9,248,732$ (9,233,898)$
Change in Net Position 6,626,952$ 12,001,804$ (5,374,852)$
Financial Highlights – Enterprise Funds
2025 2024 Change
Assets
Current Assets 49,958,513 46,662,449 3,296,064
Restricted Assets 856,156 910,021 (53,865)
Capital Assets & Deferred Outflows 43,459,112 42,073,321 1,385,791
Total Assets and Deferred Outflows 94,273,781$ 89,645,791$ 4,627,990$
Liabilities
Current Liabilities 5,259,182 5,596,952 (337,770)
Non-current Bonds, Notes and Other 12,033,152 13,881,481 (1,848,329)
Pension, OPEB and related Deferred Inflows 1,813,502 1,626,365 187,137
Total Liabilities and Deferred Inflows 19,105,836$ 21,104,798$ (1,998,962)$
Net Position
Net Investment in Capital Assets 34,474,657 32,849,569 1,625,088
Restricted 5,625,576 5,473,452 152,124
Unrestricted 35,067,712 30,217,972 4,849,740
Total Net Position 75,167,945$ 68,540,993$ 6,626,952$
Unrestricted NP as a
% of Total Expenses 208.2% 177.2%
Financial Highlights – Pensions
2025 2024 Change
Additions
Contributions 1,822,987 2,258,737 (435,750)
Investment Earnings 8,831,195 15,421,479 (6,590,284)
Total Additions 10,654,182$ 17,680,216$ (7,026,034)$
Deductions
Benefit Payments 5,323,844 4,989,518 334,326
Administrative Expenses 50,286 67,092 (16,806)
Total Deductions 5,374,130$ 5,056,610$ 317,520$
Change Net Position 5,280,052$ 12,623,606$ (7,343,554)
Investment Rate of Return 11.69% 23.56%
Actuarial Rate of Return 6.75% 6.75%
Financial Highlights – Pensions
2025 2024 Change
Assets
Cash and Investments 84,154,179 78,319,816 5,834,363
Contributions Receivable 157,473 730,030 (572,557)
Total Assets 84,311,652$ 79,049,846$ 5,261,806$
Total Liabilities 40,165$ 58,411$ (18,246)
Net Assets Held for Pension Benefits 84,271,487$ 78,991,435$ 5,280,052
Total Pension Liability 80,062,641$ 78,541,946$ 1,520,695
Funded % 105.3% 100.6%
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