Fayetteville's financial health remains stable as the city council received a comprehensive audit report during the recent CoF BOMA Work Session on February 6, 2025. Auditor Dan Hancock presented the findings, confirming that the city's financial statements are fairly stated in accordance with generally accepted accounting principles.

Hancock highlighted that there were no significant difficulties encountered during the audit process, nor were there any disagreements with city management. The report noted that the city did not implement any new accounting practices this past year, and a new accounting guidance, GASB number 100, had no impact on the financial statements.

Key adjustments were made in areas such as prepaid and property taxes, but these were deemed non-material. The auditor's letter emphasized the responsibility of city management for the financial statements, while the audit team provided an independent opinion on their fairness.

The financial statements included a detailed overview of the city's assets and liabilities, with a focus on the management's discussion and analysis section, which offers a high-level summary of financial performance. This section is particularly useful for new council members as it simplifies complex financial data.

Additionally, the report covered the city's various retirement plans and other post-employment benefits, ensuring transparency in how these obligations are managed. The council was also informed about the city's debt schedules, providing a clear picture of upcoming financial commitments.

Overall, the audit report reflects a commitment to fiscal responsibility and transparency, reinforcing the city's financial stability as it moves forward. The council's engagement with the audit process underscores its dedication to maintaining sound financial practices for the benefit of Fayetteville's residents.