Auditing Naples: What the city's audit and budget say about its money

This series follows Naples' finances through its own public records: its audited financial statements, its budgets and its council minutes. This first piece sets out the basic numbers.

Crossroads Accounting Professionals of Vernal audited Naples' financial statements for the fiscal year that ended June 30, 2025. Its report, dated Dec. 30, 2025, says the statements present fairly, in all material respects, the city's financial position. ^[1]

Net position and fund balances

On the government-wide statements, Naples' net position was $28,277,250 at June 30, 2025, up $5,132,563 from a year earlier. Revenue for the year was $8,792,928, including $4,471,827 in capital grants and contributions, against $3,660,365 in expenses. ^[2]

The city's governmental funds held $15,228,190 at year-end. The general fund held $2,328,717, of which $2,142,561 was unassigned. The road capital projects fund held $8,125,030, all committed to roads. ^[3]

Sales and use taxes were the general fund's largest revenue at $2,871,191 in fiscal 2025, against a final budget of $2,950,000. General fund property taxes were $87,200. ^[6]

Debt

At June 30, 2025, Naples owed $1,918,000 on four bonds: $123,000 on 2009 road revenue bonds, $424,000 on 2010 highway sales tax revenue bonds, $448,000 on a 2015 lease revenue bond for the fire station and $923,000 on a 2024 storm water bond. ^[5]

The city also reported a police vehicle lease of $267,904 and compensated absences of $64,286. The audit notes say the city has no general obligation debt. ^[4][5]

Redevelopment

Naples has two redevelopment agencies, created in 1983 and 1992. The audit says both have matured and will no longer receive tax increment, and that money accumulated earlier will be used for planned projects. Net position restricted for redevelopment was $1,109,375. ^[8][2]

The fiscal 2027 budget

The council adopted the fiscal 2026–27 budget by Resolution 26-377 on June 25, 2026, on a 5–0 roll call. The minutes list $3,656,900 for the general fund, $169,000 for the debt service fund and $3,268,000 for the road capital projects fund. The council added $60,000 to the park capital fund, for a total of $75,000. ^[7]

The same night, the council amended the fiscal 2025–26 budget, setting the general fund at $4,007,200 and the vitalization fund at $605,000. ^[7]

The budget worksheet Naples filed with the State Auditor carries the same fund totals. Its road fund page budgets $3,228,000 for 2500 South street widening in fiscal 2027. ^[9]