Overview
Madison's General Fund took in $4,772,360 in FY2024-25, just $8 below its final budget, but spent $6,286,459 — $31,184 over its final budget, driven by transportation capital outlay. Transfers and other financing of $1,422,039 covered most of the $1,514,099 operating shortfall, leaving a net fund-balance decline of $92,060 to $643,174.
At a glance
Headline budget
| General Fund actual revenues, FY2024-25 | $4,772,360 |
| General Fund final budget revenues | $4,772,368 |
| Revenue variance (actual vs. final) | –$8 |
| General Fund actual expenditures | $6,286,459 |
| General Fund final budget expenditures | $6,255,275 |
| Expenditure variance (actual over final) | $31,184 |
| Excess of revenues over (under) expenditures, actual | –$1,514,099 |
| Other financing sources, net, actual | $1,422,039 |
| Net change in fund balance | –$92,060 |
| Fund balance, September 30, 2025 | $643,174 |
| Audit report date | March 31, 2026 |
Source: City of Madison source document
Breakdown
General Fund budget-and-actual schedule, FY2024-25. The schedule's extraction is column-scrambled in places, so only figures that cross-check are tabulated: revenue components sum exactly to $4,772,360 (actual) and $4,772,368 (final); expenditure functions sum exactly to $6,286,459 (actual) and $6,255,275 (final); $4,772,360 – $6,286,459 = –$1,514,099; –$1,514,099 + $1,422,039 = –$92,060; $735,234 – $92,060 = $643,174.
| Item | Final budget | Actual |
|---|---|---|
| Taxes | $2,224,263 | $2,224,256 |
| Licenses and permits | $65,760 | $65,760 |
| Intergovernmental | $2,104,655 | $2,104,657 |
| Charges for services | $59,880 | $59,879 |
| Miscellaneous | $317,810 | $317,808 |
| Total revenues | $4,772,368 | $4,772,360 |
General Fund expenditures by function, actual (final budget in parentheses): general government $470,563 ($483,780); public safety $2,675,536 ($2,719,005); transportation $2,946,597 ($2,858,730); community development $193,763 ($193,760); total $6,286,459 ($6,255,275). Transportation is the only function over budget, by $87,867, partly offset by underspending elsewhere.
Source: City of Madison source document
Elected officials
The audit is addressed to the Mayor and Members of the City Commission, City of Madison, Florida; individual commissioners are not named in the pulled excerpts, so none are named here rather than guessed.
Sources & notes
- Only source used: City of Madison, Florida, Annual Financial Report, fiscal year ended September 30, 2025 (Powell and Jones, CPAs; Florida Auditor General e-file). Madison FY2025 Annual Financial Report.
- Sum checks: see the Breakdown note — every tabulated figure reconciles exactly, including the MD&A's stated variances (revenues –$8; expenditures +$31,184).
- Flags: actual expenditures exceeded the final budget by $31,184, primarily transportation capital outlay per the MD&A; the audit notes adoption of GASB Statement No. 101 (compensated absences), which restated beginning net position (emphasis of matter; opinion unmodified).
- Jurisdiction check: document header verified as CITY OF MADISON, FLORIDA; the Madison, Georgia budget document found in the same search was rejected as wrong-state and is not used. Madison County, Florida is a separate government and is NOT covered by this page.
- Opinion: unmodified opinions on the governmental activities, business-type activities, each major fund, and aggregate remaining fund information.
- Jurisdiction palette: no verified Florida jurisdiction palette was on file, so this page uses the neutral Hometown Numbers dark-glass theme rather than a jurisdiction color.