The City of Columbia has received a clean audit report for the fiscal year 2024, with no findings or irregularities reported by Henderson, Hutchinson & McCullough.
This clean audit reflects the city’s ongoing commitment to fiscal responsibility and prudent stewardship of taxpayer funds, according to city officials in a press release.
“We are proud to see another year of financial growth and stability for our city,” said Mayor Chaz Molder. “This clean audit report is a direct result of the hard work and dedication of our finance team, as well as the collaborative efforts of all city departments to manage our resources effectively. The increase in revenues and strategic reduction of debt ensure that we are not only maintaining but improving our financial position for the future.”
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According to a press release, the city’s total annual revenues increased by 1.3%, reaching $67.1 million in FY 2024. Local sales tax revenue saw a strong increase of 9.5%, totaling $19.7 million, and licenses and permits saw a significant boost of 52.9%, reaching $2.6 million.
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Additionally, Columbia’s governmental debt decreased by $1.6 million, the press release said. The city’s fund balance for governmental funds grew by 13.6%, totaling $8.8 million.
“This year’s audit results highlight the City’s ability to grow revenues, while controlling expenditures,” finance director Thad Jablonski said. “The increase in local sales tax revenue and licenses/permits speaks to a healthy economy, and the reduction in debt is a step toward long-term fiscal health. We’re committed to ensuring Columbia remains financially strong and ready for future opportunities.”
Columbia has maintained its AA+ bond rating from Standard & Poor’s.
For 25 consecutive years, the city has also earned the Government Finance Officers Association’s (GFOA) Excellence in Financial Reporting Award, reinforcing Columbia’s dedication to transparency and excellence in financial management.
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This year, the city has been recognized for the second consecutive time with the Outstanding Achievement in Popular Annual Financial Reporting Award.
For more information, please visit columbiatn.gov.
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