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The FY24 audit received an unmodified, or clean, opinion, but identified four material weaknesses in financial controls: cash and receivable reconciliations, transaction timing and capitalization, budget postings, and journal-entry reviews. The general fund’s unassigned balance increased by $4.9 million to $17.9 million.
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The audit found that the FY24 financial statements were fairly presented, but several processes used to record and review the Town’s finances were not operating reliably. Town staff reported that corrective actions are underway, while the committee requested more information about staffing changes, the MUNIS migration, and utility billing reconciliations. The committee postponed further FY25 audit discussion until it completes its review of the FY24 findings.
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