Norcross and its finance department received a clean, or unmodified, audit opinion for fiscal year 2025, the highest level of assurance from the independent CPA firm Mauldin & Jenkins.
The designation confirms that the city’s financial statements are accurate, complete, and prepared in accordance with generally accepted accounting standards.
Last fiscal year, the city invested about $5.9 million in infrastructure, facilities, and long-term community growth. Norcross operates on a fiscal year that runs from Sept. 1 through Aug. 31.
Mauldin & Jenkins Partner Josh Carroll said the city has the same accounting policies as many of its neighbors. Carroll said the audit had no significant findings and showed a healthy reserve balance.
“We didn’t book any adjustments to any accounts,” Carroll said. “So the finance team is doing a great job … really clean.”
Revenues and expenditures
Enterprise operations, including electric, solid waste, and stormwater services, remain stable and are funded through user fees on service delivery.
“Electric funds generally do very well for municipalities in Georgia,” Carroll said. “Stormwater and solid waste funds generally struggle to break even. Yours actually do better than most … depends on how much maintenance we have on a yearly basis.”
The city’s main revenue streams include taxes, service charges, and grants, while expenditures are focused on public safety, infrastructure maintenance, and community development.
In the audit, the city’s net position was $130.8 million, an increase of $6.3 million over the previous year. In late March, a city spokesperson said Norcross has about $27 million in unrestricted funds, providing flexibility to support operations, respond to community needs, and invest in future priorities.
Mayor Craig Newton said the clean audit is a strong reflection of the city’s commitment to responsible financial stewardship and transparency.
“We take seriously our responsibility to manage taxpayer dollars wisely, and this audit demonstrates that Norcross is not only financially sound, but also well-positioned to continue investing in the services and infrastructure that support our community,” Newton said.
Turnover in finance department
While the Mauldin & Jenkins audit had no official findings, it did cite risks related to a couple of repeated journal entries and to some approved by the same person who entered them.
“We didn’t find any [fraud] in our sample, but we just kind of continue to highlight this,” Carroll said. “There’s some risk there with the same person posting and approving these items.”
Finance Director Jon Robinson said his team has implemented a new receipt policy since August. Robinson said he’s also working with the city’s bank to implement a new approval process for purchasing cards.
City Manager Eric Johnson said he thinks the city’s finance team is in good shape, but there are some historical challenges.
“I’ve been here five and a half years,” Johnson said. “I’ve had four finance directors, and that’s been part of our challenge. We’re still cleaning up legacy issues from a decade ago.”
While the city continues to operate with no significant long-term debt, elected officials will vote on April 6 on whether to issue $6 million in debt financing for the new public safety building.