VALLEY – During Monday’s Valley Council meeting, Adam Creel of Himmelwright, Huguley, and Boles presented the city with a clean audit for the 2024-25 fiscal year.
“We want to take this opportunity to thank Mayor Riley, Mayor Pro-Tem Kendall Andrews, the city council, and city clerk Kathy Snowden for allowing us to conduct this audit again this year.”
Creel reported that the city received an unmodified opinion on its financial statements for fiscal year 2025, indicating that the financial statements are presented fairly in all material respects. He highlighted several key points:
– The net position for governmental activities increased by $4 million compared to the previous audit. The net position is a robust $48.1 million, representing the resources remaining for the government to use after settling liabilities.
– The current assets total $17 million, while current liabilities amount to only $3.6 million. This means the city has ample resources to cover its current liabilities, which are due within the next year. Additionally, total assets exceed total liabilities by a ratio of 3 to 1.
Creel’s findings indicated an increase of just over $4 million in the net position, although the governmental fund reported an approximate fund balance decrease of $866,000. He also noted that the general fund’s unassigned balance stands at $10.7 million, which is substantial due to the proprietary fund comprising solid waste, which is presented on a full accrual basis of accounting, like business-type activities.
“The city has $20.6 million in bond loans, and your total debt amounts to $30 million. This level of debt remains manageable based on the city’s overall financial position and is well below the debt limit. So, you are still well within your debt limit and should not encounter any issues,” Creel stated.
“You are in very good financial shape,” he concluded.
