Red Bay ’24 audit indicates improved finances
RED BAY – The city’s financial position continued to strengthen over the past year, according to the Fiscal Year 2024 audit.
J.C. Johnson of The Sparks CPA Firm, who conducted the audit, presented his findings to the council on June 18.
Johnson, a certified fraud examiner and shareholder at the firm, walked the council through key figures in the audit, which showed increases in cash, improved fund balances, and a decrease in total liabilities.
The city’s cash and cash equivalents rose by $90,356 over the previous year, totaling $4,172,288 in FY24. The corrected FY23 total was $4,081,932, Johnson said.
Red Bay’s total net position grew to $11,059,718, an increase of $208,319.
T he ci t y ’ s governmental fund balance rose to $4,472,006, up $161,233 from FY23. That total includes:
• $1,186,290 in restricted funds (27%);
• $1,707,277 in assigned funds (38%);
• $1,578,439 in unassigned funds (35%).
The city’s unrestricted net position, available for general use, was reported at $290,371.
Johnson reported a decrease in installment debt, which includes loans payable, bonds payable, and similar obligations, from $3.48 million in FY23 to $3.32 million in FY24. When factoring in net pension liability and estimated landfill closure costs, total long-term liabilities were $5.13 million, down from $5.28 million the previous year.
