City ends fiscal year with $17.9 million General Fund balance

STOCKBRIDGE, Ga., Oct. 2, 2026 /PRNewswire/ -- The City of Stockbridge received an unmodified, or "clean," opinion on its financial statements for the fiscal year ended December 31, 2025, from independent auditor, Mauldin & Jenkins LLC. The firm presented the results of the annual audit to the Stockbridge City Council during the Council's public meeting on Tuesday, September 29.

An unmodified opinion is the highest level of assurance an independent auditor issues. It means the auditors concluded that the City's financial statements present its financial position fairly, in all material respects, in accordance with generally accepted accounting principles. The City also received an unmodified opinion on its compliance with federal requirements for its major federal program, the Coronavirus State and Local Fiscal Recovery Funds provided under the American Rescue Plan Act (ARPA).

Highlights from the audited financial statements include:

• General Fund balance of $17.9 million at year-end, equal to approximately 72 percent of annual General Fund expenditures and well above the minimum of two months of operating expenditures recommended by the Government Finance Officers Association. The increase over the prior year largely reflects reimbursement to the General Fund from SPLOST V for project costs the City paid in earlier years.
• Total net position of $156.0 million, an increase of $14.4 million over the prior year.
• Unrestricted net position, the resources available to meet the City's ongoing obligations, of $23.7 million, up from $9.3 million the prior year.

Mauldin & Jenkins also reported that it received full cooperation from City management and staff during the audit and had no disagreements with management on accounting or financial reporting matters.

The audit identified five material weaknesses in the City's internal controls over financial reporting. In auditing terms, a material weakness is a control gap that could allow a significant error in the financial records to go uncaught or uncorrected. All five concern how transactions were recorded and reconciled at year-end: receivables and revenue, depreciation, capital assets, interfund activity, and the accounting for and approval of amphitheater expenditures. The auditors made adjustments, so the final audited statements are accurate, and the City concurred with each recommendation and provided corrective actions to all five findings.

"A clean opinion confirms that the City's financial statements are reliable, and the growth in our net position shows that our overall financial health is improving," said Frank S. Milazi, City Treasurer. "The auditors were also clear about being mindful of our year-end closing procedures to make sure we finish the year stronger, and we accept the recommendation."

The complete fiscal year 2025 Annual Comprehensive Financial Report, including the auditor's reports and the City's responses to each finding, is available to download here.

About the City of Stockbridge

Stockbridge celebrated 100 years of cityhood in 2020. The City of Stockbridge continues to strive to be the most progressive business and family-oriented community in Metropolitan Atlanta with a strong focus on enhanced quality of life initiatives which promote a sustainable "live, work, play" environment. The City of Stockbridge believes that people are the most valuable asset in delivering services to all citizens. Learn more at www.stockbridgega.org.

Media Contact:
Shana Thornton
Communications Manager
sthornton@stockbridgega.org
678-833-3342 (office)

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SOURCE City of Stockbridge