CPA Megan Hyland presents town's 2024 financial statements with no compliance issues

The Tiverton Town Council meeting on May 27, 2025, highlighted a successful financial audit, with the town receiving top marks for its fiscal management. Megan Hyland, a certified public accountant from Hague Sahadi and Co, presented the 2024 financial statements, revealing that all three components of the audit were completed without any findings or compliance issues.

Hyland emphasized that the town received unmodified opinions on both the independent auditors' report and the internal control report, marking the highest level of assurance possible. This indicates that the financial statements accurately reflect the town's financial position, with no significant deficiencies noted in internal controls.

The audit showed a total net position of approximately $23 million, an increase of about $6.7 million from the previous year. This growth was attributed to strong revenue performance, capital investments, and a reduction in long-term liabilities. The financial statements included detailed reports on various funds, including the general fund, landfill fund, and enterprise funds.

Council members engaged in discussions about specific financial details, including deferred outflows related to pensions and the operational revenues of school programs. Hyland reassured the council that the town's financial health appears stable, with favorable opinions across all audit categories.

Looking ahead, Hyland mentioned upcoming changes in reporting standards for 2025, which will require adjustments in how certain expenses are calculated. The finance staff will work closely with her to ensure compliance and readiness for these changes.

The meeting underscored the town's commitment to transparency and sound financial practices, setting a positive tone for future fiscal planning and community trust.