Midway's general fund balance topped the 35% threshold in fiscal 2025, auditor says

Midway's general fund held more money at the end of fiscal 2025 than a state threshold allows, the city's auditor told the City Council on Feb. 17, 2026, according to draft minutes of the meeting. ^[2]

Auditor Ben Probst of Gilbert and Stewart said the fund balance exceeded the state's threshold of 35% of total annual revenue by approximately $434,000 as measured at fiscal year-end on June 30. He said it was a point-in-time measurement, not a daily or ongoing threshold, the draft minutes say. ^[2]

What the audited figures show

The audited statements show the general fund ended the year with $3,367,481, all of it unassigned, after collecting $8,380,930 in revenue. Thirty-five percent of that revenue is $2,933,326. The difference between the two figures is $434,155. ^[1]

The fund's balance was $1,628,253 a year earlier. In fiscal 2025, revenue exceeded spending by $3,435,585, and the fund transferred $1,696,357 to other funds, a net increase of $1,739,228. ^[1]

The draft minutes say the auditor reported one finding and that the financial statements received an unmodified opinion. ^[2]

What came after

At the same meeting, the council voted 5-0 to approve Resolution 2026-06, amending the fiscal 2026 budget, on a motion by Council Member Andy Garland that noted fund balances should be monitored, the draft minutes say. ^[2]

The fiscal 2027 budget, adopted June 16, 2026, states that municipalities are required to have a general fund balance of no less than 5% and no more than 35% of total general fund revenues. It lists those limits as $415,522.50 and $2,908,657.50, based on proposed revenue of $8,310,450. ^[3]

The budget is a plan, not an audited year-end balance. The city's fiscal 2026 audit has not been published. ^[3]