FY2025 Audit Reflects Continued Progress and Investment in Bonifay
The City of Bonifay has completed its audited financial statements for the fiscal year ending September 30, 2025, and the report reflects another year of significant investment in our community, continued use of grant funding, and progress toward strengthening the City’s long-term financial position.
The City received an unmodified opinion from its independent auditors, Carr, Riggs & Ingram, L.L.C. This means the auditors concluded that the City’s financial statements fairly present, in all material respects, the City’s financial position in accordance with generally accepted accounting principles.
Investing in Bonifay
One of the clearest themes in the FY2025 audit is continued investment in the City’s infrastructure and public assets.
The City’s total net position increased by approximately $3.75 million during the year, ending FY2025 at approximately $34.94 million.
The City also added approximately $5.2 million in capital assets during the fiscal year. Nearly $4.6 million of those additions were related to improvements to streets and utilities.
These investments reflect projects and funding that are making a visible difference throughout Bonifay, including:
- Old School Rehabilitation
- Southside drainage improvements
- Park and ADA-accessible playground improvements
- Recreation Center planning and design
- Stormwater infrastructure improvements
The audit also notes the City’s continued success in securing grant funding to help make these projects possible while reducing the burden on local taxpayers.
Strong Compliance Results
The City’s major federal and state programs received unmodified compliance opinions.
Auditors reported no federal award findings and no state project findings requiring reporting under the applicable federal or Florida single-audit requirements.
The audit also reported no material noncompliance affecting the City’s financial statements.
Continuing to Strengthen Our Operations
A strong organization is one that continues to identify opportunities to improve.
The audit identified two repeat internal-control items involving preparation of required federal and state grant expenditure schedules and the need to further update written federal grant policies and procedures.
The City has already established corrective action for both items. Accounting staff will receive additional training and technical assistance in grants and contract accounting, and the City is formally updating its written policies and procedures to comply with federal Uniform Guidance requirements.
These are administrative process improvements, and the audit did not report material noncompliance within the City’s major federal or state programs.
One prior-year audit finding was also successfully corrected during FY2025.
Moving Bonifay Forward
The FY2025 audit tells an important story.
Bonifay is investing in infrastructure, improving public facilities, pursuing outside funding, strengthening internal processes, and building assets that will serve our community for years to come.
There will always be opportunities to improve, and we believe recognizing those opportunities is part of responsible government. At the same time, we are proud of the progress represented in this year’s financial report and the work being done by our employees, elected officials, and community partners.
Transparency remains an important part of that work. The complete FY2025 Audited Financial Statements are available below for public review.
Questions regarding the City’s financial statements may be directed to Bonifay City Hall at (850) 547-4238 or emailed to cityhall [at] cityofbonifay.com (cityhall[at]cityofbonifay[dot]com)