The City of Roswell has emerged with a strong affirmation of its financial health following a positive audit report for the fiscal year 2024. Details revealed Roswell's adherence to budgetary restraint and an upward trend in its fiscal reserves. This information, including comprehensive financial insights, was released and can be accessed by the public on the city's official website.
According to the information provided, Roswell has managed to not only receive a clean audit with no material weaknesses or compliance issues but also to significantly grow its reserves. The audit specifically mentioned that cash and investments for the city increased by 1.5%. Moreover, in a particularly commendable feat, the net position of the city expanded by 7.2%. Efforts to efficiently apply taxpayer dollars were also evident as Roswell continues to timely make payments on all of its debts, which in turn improves its financial ratios.
In the realm of budgeting, Roswell's FY2024 General Fund revenues have exceeded set budgets by $1.5 million, while expenditures have remained under budget by $5.7 million. Over a six-month period ending December 31, 2024, revenues were reported to surpass projections by $2.6 million, while spending was contained to be $3.3 million under budget projections. Furthermore, the operational departments of the city are now equipped to quicker receive budget-to-actual reports, being promised them within five days post month-end, which underscores the city's emphasis on timely financial reporting.
Changes in fiscal policy also include a shift in the year-end date, with the City formally changing its fiscal year-end from June 30 to December 31. This transition aims to align the financial reporting with stakeholder interests more closely and optimizes clarity for financial projections and assessments. A six-month audit for the period ending on December 31, 2024, is currently underway, signifying the first step into the newly adopted fiscal calendar.
For those interested in delving deeper into the city's financial state and audit conclusions, the full FY2024 audit report has been made readily available for review on the City's Financial Reports page. The document, listed as "Six-Month Period Financial Report: Ended December 31, 2024," provides a detailed overview of the city's financial strategies and outcomes. This development represents a key stride toward heightened fiscal stewardship and responsibility by the City of Roswell, as it looks to maintain and improve upon its economic stability and transparency.
