Coeur d'Alene, Idaho Development News

City Council Reviews FY 2024-25 Audit, Receives Positive Financial Report

The City Council reviewed the fiscal year 2024-25 audit report presented by Tony Hackwith of Alpine Summit CPA. The audit resulted in an unmodified opinion on the financial statements, indicating they are materially correct. A correction was noted for the prior year in internal controls, with the finance director implementing additional procedures to prevent future occurrences. No findings were reported regarding federal funds. Key financial highlights for the general fund include a fund balance of $17.6 million, with $13.8 million unassigned, representing 26% of general revenues. Operating revenues decreased by $968,000, primarily due to a $2.4 million decrease in intergovernmental revenues (federal funds), despite an increase of $1.5 million in property taxes. Operating expenses increased by $1.37 million (2%), with the majority attributed to public safety ($2.5 million increase). The water fund showed a net income of $1.2 million, with operating revenue increasing by $1.2 million due to usage and rate increases, while expenses decreased by $150,000. The wastewater fund had a net income of $5.3 million, with revenues increasing by $1.2 million due to rate increases and usage, and expenses increasing by only $10,000. The Government Finance Officers Association recommendation of 60 days of fund balance was exceeded, with 90 days of unassigned fund balance for operating revenues and 84 days for operating expenses.