During the current fiscal year, the City determined that certain expenditures incurred in fiscal year 2024 related to ongoing construction projects and subscriptions in progress had been expensed rather than capitalized as construction in progress. The City adjusted the beginning balance of net position for the governmental activities as of June 30, 2024 has been restated. The adjustment increased capital assets and beginning net position by $12,069,324.
In addition, the City restated the beginning fund balance for the Restricted Capital Project Fund by $277,723 to capture accrued interest revenue that was not recorded in fiscal year 2024.
| Net Position | Net Position | |||
| June 30, 2024 as previously reported | Error Correction | June 30, 2024 as restated | ||
|---|---|---|---|---|
| Government-wide | ||||
| Governmental activities | $ 733,146,189 | $ 12,347,047 | $ 745,493,236 | |
| Governmental Funds | ||||
| Restricted Capital Project Fund | $ 47,233,177 | $ 277,723 | $ 47,510,900 | |
The City evaluated subsequent events for recognition and disclosure through January 30, 2026, the date on which these financial statements were available to be issued. Management concluded that no material subsequent events have occurred since June 30, 2025, that required recognition or disclosure in these financial statements.