The annual audit report for the City of Dickson for the fiscal year ending June 30, 2024, shows the city to be “financially healthy” and able to increase its reserves.
Matt Wood of Alexander Thompson Arnold PLLC presented the audit to the Dickson City Council at its Feb. 3, 2025, meeting and the council unanimously approved a resolution to accept the audit.
Wood said the annual audit is an “unmodified opinion,” which he explained is a “clean audit opinion” where the financial statements “are free of any material misstatement or any evidence of fraud. We had no internal control findings in the current year to speak of. All funds were under budget, which is a big thing to note, as well.”
He said the city’s total net position for governmental activities increased from just over $91 million the previous year to $95.81 million in the most recently completed year.
The report shows revenues increased from $30 million to $30.15 million while total expenses were $26.61 million compared to $23.71 million the previous year, with much of that increase attributed to the pension fund liability, Wood said.
A number that is used to assess a municipality’s financial health is the ratio of its fund balance to its annual operating expenses. Wood said the generally accepted standard for healthy municipalities is maintaining a fund balance equal to at least 20 percent of operating expenses, which is the total annual expenses without projects, grants, pension, long-term debt and capital assets.
With a general fund unassigned fund balance growing from $21.69 million to $22.58 million at the end of the fiscal year, Wood said Dickson’s fund balance was 63.94 percent of its adjusted expenses.
“As far as our opinion, the financial statements of the City of Dickson are healthy, no internal control issues as noted,” Wood said.
None of the council members present had any questions or comments regarding the audit and the council unanimously approved Resolution #2025-11 to accept the audit and submit it to the Tennessee Office of the Comptroller as required by state statute.
The annual audit for the City of Dickson can be viewed on the City of Dickson’s website www.cityofdickson.com or the Tennessee Comptroller of the Treasury website at www.comptroller.tn.gov and search for City of Dickson audit
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