News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Cookeville’s 2024 audit showed the city maintained a clean financial standing while increasing its net position by some $29.4 million.
Finance Director Brenda Imel said there were no concerns or issues mentioned within the report. Imel said the report specifically noted that the firm found no deficiencies with the city’s internal controls.
“Section seven states that there were no disagreements with management about matters that could significantly impact the financial statements,” Imel said. “And in section nine on significant issues discussed with management notes the impact that the new energy department had on our financial statement presentation.”
Imel said a single audit was completed for the city due to the level of federal funding it received in the last fiscal year. Imel said the report also showed the city had no issues with compliance related to major programs.
“As required by auditing standards, the report before you tonight is Blankenship’s required communications with the governing body, city council,” Imel said.
Imel said the audit report is available on both the city and Comptroller’s website. Imel said the report was filed by the December 31, 2024 deadline.
“The actual audit report is like a hundred a fifty pages of really fun reading,” Imel said.
The report from Blankenship CPA Group states that the city’s assets and deferred outflows exceeded its liabilities and deferred inflows on June 30, 2024 by some $329.9 million.
According to the report, the city’s combined governmental ending fund balances totaled some $84.6 million, up some $6.5 million from the year before. The report stated that about fifty percent of that funding is unassigned.
City council accepted the report during its Thursday meeting.
