Anniston, AL – The City of Anniston, Alabama released its fiscal year 2024 financial audit results, showing significant improvements across multiple financial indicators and demonstrating continued fiscal stability.
Key Financial Highlights
The audit, conducted by independent auditors and completed July 14, 2025, revealed several positive trends:
Net Position Growth: The city’s total net position increased by $8.3 million during fiscal year 2024, bringing the total to $25.6 million. This represents substantial growth from the previous year.
General Fund Strength: The General Fund balance grew by $1.1 million to reach $21.3 million, up from $20.2 million in 2023. The ending fund balance represents 51.95% of total General Fund expenditures, indicating strong liquidity.
Revenue Increases: Governmental activities saw a 3.58% increase in total revenues, reaching $64.7 million. Property tax revenue showed particularly strong growth at 14.3%, increasing from $6.3 million in 2023 to $7.2 million in 2024.
Financial Position Details
According to the audit, Anniston’s assets and deferred outflows exceeded liabilities and deferred inflows by $25.6 million as of September 30, 2024. The governmental funds reported a combined ending fund balance of $25.3 million.
The city maintains $19.5 million in unassigned fund balance available for discretionary spending, providing significant financial flexibility for future operations and unexpected expenses.
Revenue Sources and Composition
Sales and use taxes remained the city’s largest revenue source, totaling $28.4 million and representing the backbone of municipal finances. Other significant revenue streams included:
Property taxes: $7.2 million
Licenses and permits: $5.8 million (8.9% of total revenue)
Charges for services: $9.0 million (13.93% of total revenue)
Audit Opinion and Compliance
The independent auditors issued unmodified opinions on the city’s governmental activities, business-type activities, and major funds, indicating the financial statements present fairly the city’s financial position in accordance with generally accepted accounting principles.
The audit found no material weaknesses in internal controls over financial reporting and no instances of noncompliance with laws, regulations, contracts, and grant agreements that would have a direct and material effect on the financial statements.
Federal Program Compliance
Anniston received federal awards totaling $4.1 million during fiscal year 2024, with the largest program being the American Rescue Plan Act ($2.8 million). The city was found to be in compliance with all federal program requirements.
Management’s Outlook
City officials noted that while the results demonstrate fiscal responsibility, challenges remain ahead, including rising insurance premiums projected to increase 10-15% and potential inflationary pressures on capital projects.
The city’s management emphasized their commitment to strategic planning, transparent governance, and responsible stewardship of public funds as they prepare for fiscal year 2025.
