City of Palm Coast Receives Clean Audit for Fiscal Year 2025

The City of Palm Coast has successfully completed its annual financial audit for the fiscal year ending September 30, 2025. The independent audit was conducted by Mauldin & Jenkins, LLC and presented to the Palm Coast City Council during the March 17, 2026, City Council Business Meeting.

The audit included a comprehensive review of the City’s financial statements, internal processes, and compliance with applicable laws and regulations. Auditors issued an unmodified, or “clean,” opinion, indicating that the City’s financial statements are presented fairly and in accordance with accounting principles generally accepted in the United States.

The review also included testing of internal controls, compliance requirements, and financial reporting processes. Auditors reported no material weaknesses, no findings, and no issues related to the City’s use of federal or state funding.

As part of the audit, Mauldin & Jenkins conducted a Single Audit due to the City receiving approximately $9.5 million in federal awards and $10.1 million in state financial assistance during the fiscal year. The audit examined three major programs and confirmed that the funds were used appropriately and in compliance with applicable guidelines.

Auditors also noted that the City implemented Governmental Accounting Standards Board (GASB) Statement No. 101 related to compensated absences during the fiscal year. The City’s accounting policies and financial reporting practices were found to be appropriate and consistent with established standards.

In addition to maintaining strong financial practices, the Government Finance Officers Association (GFOA) has recognized the City of Palm Coast for its continued excellence in financial reporting. The City has received the Certificate of Achievement for Excellence in Financial Reporting for twenty-four consecutive years and expects to receive the award again for the fiscal year 2025 report.

Palm Coast has also earned the GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting for twelve consecutive years and the GFOA Distinguished Budget Presentation Award for twenty-two consecutive years, reflecting the City’s ongoing commitment to transparency and accountability.

To further support transparency, the City maintains a Finance Transparency Dashboard, allowing residents and stakeholders to explore the City’s financial information in an easy-to-understand format. The dashboard provides insight into revenue sources, expenditures, and budget allocations, with historical data dating back to fiscal year 2023 and updates provided weekly.

The City of Palm Coast remains committed to responsible financial management and transparent reporting to residents. The successful completion of the annual audit reflects the City’s dedication to maintaining strong financial oversight and accountability.Top of Form

All financial reports and documents, including the current financial audit reports, are available on the city’s website: palmcoast.gov/finance/reports-and-documents 

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