2024-25 audit: $2.17M surplus for city

RUSSELLVILLE — Councilmembers approved the city’s fiscal year 2024-25 financial statement last week after an audit presentation showed revenues exceeded expenditures by approximately $2.17 million.

CPA Don Wallace said the audit found no major deficiencies.

Wallace said the audit showed the city recorded $18.44 million in revenue and $16.27 million in expenditures during the most recent fiscal year.

He reported total assets of approximately $39.74 million and liabilities of approximately $17.84 million, leaving net assets at approximately $21.9 million.

He also reported no disagreements regarding financial reporting during the audit.

According to the audit summary, taxes generated the largest share of city revenue at approximately $10.57 million.

Intergovernmental revenue accounted for $3.92 million, while licenses and franchises generated $1.96 million.

The city’s largest expenditure category was streets and sanitation at $3.94 million.

Police and court operations accounted for $3.43 million, while fire department expenditures totaled $2.9 million.

Wallace said the city purchased $6.68 million in assets during the fiscal year, including a new fire truck.

He said the audit shows continued improvement in the city’s debt position. Wallace reported that long-term debt fell below $10 million.

He reported increases in net assets for the Russellville Water Works and Sewer Board, Gas Board, Electric Board, and Russellville City Schools.