Stockbridge City Achieves Top Audit Rating for 2025 Financial Performance
Stockbridge City Achieves Top Audit Rating for 2025 Financial Performance
The City of Stockbridge, Georgia, has earned an unmodified or 'clean' opinion on its financial statements for the fiscal year ending December 31, 2025. This endorsement from independent auditors Mauldin & Jenkins LLC was presented to the Stockbridge City Council on September 29, 2026, during a public meeting.
An unmodified opinion represents the highest level of assurance provided by independent auditors, confirming that the financial statements accurately reflect the city's financial position in accordance with generally accepted accounting principles (GAAP). Furthermore, Stockbridge also received an unmodified opinion regarding compliance with federal requirements for its major federal program—the Coronavirus State and Local Fiscal Recovery Funds allocated under the American Rescue Plan Act (ARPA).
Financial Highlights
The audit revealed several key financial highlights:
- - General Fund Balance: The city concluded the fiscal year with a robust General Fund balance of $17.9 million, which is approximately 72% of annual expenditures and exceeds the Government Finance Officers Association's recommendation for emergency reserves by a significant margin.
- - Total Net Position: The overall net position of the city has risen to $156.0 million, marking an increase of $14.4 million compared to the previous fiscal year.
- - Unrestricted Net Position: The unrestricted net position, designated for ongoing obligations, has risen significantly from $9.3 million to $23.7 million, indicating improved financial flexibility to address future commitments.
Mauldin & Jenkins noted the full cooperation from city management and staff throughout the audit process and reported no disagreements regarding accounting or financial reporting.
Areas for Improvement
Despite the strong financial performance, the audit did uncover five material weaknesses in the city's internal controls over financial reporting. A material weakness refers to a control deficiency that could potentially allow a significant error in financial records to go unnoticed or uncorrected. The identified weaknesses pertained to areas such as:
- - Recording and reconciling transactions related to year-end receivables and revenue.
- - Management of depreciation and capital assets.
- - Proper accounting for interfund activities and amphitheater expenditures.
The auditors made necessary adjustments to ensure the accuracy of the final audited statements. The city agreed with the audit findings and is committed to implementing corrective actions to address all five weaknesses identified.
Frank S. Milazi, City Treasurer, expressed satisfaction with the audit results, stating, "A clean opinion confirms that the city's financial statements are reliable, improving our overall financial health." He also acknowledged the auditors' recommendation to enhance year-end closing procedures to strengthen future financial reporting.
Conclusion
The comprehensive financial report for fiscal year 2025, including the auditors' findings and the city's official responses, is available for public access. This audit not only highlights Stockbridge's commitment to financial integrity and transparency but also underscores its efforts to foster a strong economic environment for its residents. Founded in 1920, Stockbridge continues to prioritize community-oriented services while enhancing the quality of life for its citizens and bolstering public trust in local governance.
To learn more about the City of Stockbridge, visit stockbridgega.org.
Topics Financial Services & Investing）
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