Albemarle receives clean audit report for 2024-25

Published 8:16 pm Tuesday, February 17, 2026

ALBEMARLE — The city of Albemarle has been given a clean audit for fiscal year 2024-25, with an independent accounting firm issuing the highest level of assurance on the city’s financial statements.

During Monday night’s Albemarle City Council meeting, councilmembers heard an audit presentation from Jill Vang of Martin Starnes and Associates, a Hickory-based accounting firm.

The audit reviewed the city’s governmental activities and each major fund for the fiscal year.

“We issued an unmodified opinion, which is the best opinion you can get,” Vang said. “It means that the financial statements are fairly presented in all material respect, in conformity with generally accepted accounting principles.”

Vang highlighted several key financial metrics, including a general fund balance of $13.91 million. That total includes $3.93 million in restricted funds, $36,261 in nonspendable funds, $630,482 in assigned funds and $9.31 million in unassigned funds.

From 2024 to 2025, the city’s general fund balance decreased by $1.2 million, or about 8.3%. Vang said the decline was largely tied to changes in revenue structure and increased expenditures.

“There was a decrease in total revenues of $2.7 million, or 10.5%, and this is mainly due to the decrease in sales and service revenues related to the refuse collection fees that are now in the new enterprise fund, the solid waste collection fund,” Vang said. “Expenditures increased $1.5 million, or about 6.4%, and that’s mainly due to more transfers out this year to the health insurance internal service fund in the general capital project fund.”

Expenditures were led by public safety, which accounted for 52% of spending. Public works, general government and other expenditures each represented 16% of the total.

Albemarle’s enterprise funds showed notable growth in the city’s most recent audit, with unrestricted net position increasing from $22.25 million in 2024 to $32.20 million in 2025.

Cash flow from operations also rose, climbing from $4.71 million to $6.77 million, while the change in net position under generally accepted accounting principles (GAAP) more than doubled, growing from $3.91 million to $8.70 million.

The gains reflect strengthened financial performance across the city’s self-supporting services. After Vang’s presentation, councilmembers unanimously voted to accept the city’s audit report as presented.

The Albemarle City Council will hold its next regular meeting on March 2 at 6:30 p.m. in the City Hall Council Chambers.