The audited statements show total governmental fund balances of $8,605,184 at year end, including $2,243,064 unassigned in the General Fund, against $5,053,178 in governmental fund revenues and $5,726,301 in governmental fund expenditures for the year.
IssueLavoniaunder consideration
FY2024 audit shows City of Lavonia's assets exceeded liabilities by $24 million
The city's annual audit, presented to the Lavonia City Council, shows the city's overall financial position and reports how much of its main operating fund is uncommitted.
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At a glance
What this means now
The story
The City of Lavonia's FY2024 Annual Financial Report, presented to the Lavonia City Council on May 14, 2025, states that the city's assets exceeded its liabilities by $24,041,790 at the close of the year, out of $35,076,573 in total assets and $11,035,981 in total liabilities.
Within that total, the report separately states that assets exceeded liabilities by $8,090,370 for the city's governmental activities as of December 31, 2024.
The audited statements show total governmental fund balances of $8,605,184 at year end, including $2,243,064 unassigned in the General Fund, against $5,053,178 in governmental fund revenues and $5,726,301 in governmental fund expenditures for the year.
What happened
How this issue got here
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mentionedunknownCity of Lavonia FY2024 Annual Financial Report (financial position and results)
Assets for the City of Lavonia exceeded liabilities by $24,041,790 at the close of the current
year.
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City of Lavonia FY2024 Annual Financial Report (financial position and results)
Assets for the City of Lavonia exceeded liabilities by $24,041,790 at the close of the current year.
mentionedunknownCity of Lavonia FY2024 Annual Financial Report (audit)
The City of Lavonia’s assets exceeded its liabilities at December 31, 2024, by $8,090,370
+
City of Lavonia FY2024 Annual Financial Report (audit)
The City of Lavonia’s assets exceeded its liabilities at December 31, 2024, by $8,090,370
mentionedunknownFY2024 City of Lavonia Annual Financial Report (audited financial statements)
Fund balances, December 31 $ 8,294,513 $ 0 $ 933 $ 309,738 $ 8,605,184
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FY2024 City of Lavonia Annual Financial Report (audited financial statements)
Fund balances, December 31 $ 8,294,513 $ 0 $ 933 $ 309,738 $ 8,605,184
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