JARRETT GOODMAN
Staff Writer
Paul Johnson of Johnson, Murphy and Wright, an accounting firm from Chattanooga, on Nov. 6 shared a number of financial reports from the 2024-2025 fiscal year for Kimball’s Board of Mayor & Aldermen.
During the meeting, Johnson presented a list of audit reports ranging from business and city activities to general liabilities and property tax receivables. He explained that the city has a clean audit opinion, an achievement notably preferred by the state comptroller for each fiscal year. He also stated that the city increased the value of its assets $9.2 million in 2024 to $9.8 million in 2025, a positive increase that benefits the city in its finances. All business activities also saw a relative increase, going from $3.1 million in 2024 to $3.2 million this year.
For government based activity, the city of Kimball spent $3.5 million out of $3.8 million, allowing the city to earn $357,000 in net cash surplus. And for business activities, the city took in $244,000 and spent $158,000 during the fiscal year, earning the city $86,000.
As the discussion continued, Johnson pointed out that all accounting firms are required by state law to take records of all vacation pay as of June 30 each year. For long term debt reports, all firms are now also to report unearned vacation pay or payed during sick time a liability under documentation. Because of state requirements, a reported $226,000 in liabilities was recorded. Despite the number, Johnson assured the board that all remains relatively the same as the previous fiscal year, the number being higher only because of what was needed to be documented.
“No concern there, for that liability has not really gone up. It has always been there,” said Johnson.
Other numbers mentioned include $4,248,000 in capital assets, as well as a change of debt position of $443,676, both considered positive numbers by financial standards in a governing body. Upon sharing all remaining information, Paul concluded the reports by expressing the city stands financially well with the reports, noting them to be very well when compared to other Tennessee communities.
“There’s a lot of cities that are struggling right now, trying to keep up with their cash flow. You all don’t have that problem,” said Paul.
Paul also points out the longevity of city staff working within the Kimball community, stating how all remaining employees serve as a sign of the city’s hard work and commitment to ensuring communitywide stability, whether physically or financially.