Mali Audit Manager Chris Ratonardo Presents 2024 Financial Audit Results

The Borough Council of West Chester received positive news during its July 16, 2025, voting session as the 2024 audit results were presented, revealing a clean financial slate. Chris Ratonardo from Mali, the audit manager, reported that the borough received an unmodified opinion, indicating that the financial statements are free from material misstatement. This clean opinion is a significant achievement, reflecting the borough's sound financial practices.

Ratonardo highlighted that there were no significant accounting issues, and the borough had already been compliant with new accounting standards. The audit did identify some areas for improvement, including the importance of using authorized vendors and addressing outstanding balances between funds. Ratonardo also mentioned that a recommendation letter would be issued to guide future financial practices.

Key financial figures were shared, showing that the borough's governmental activities had approximately $9.3 million in cash and $8.8 million in investments. The net position for governmental activities increased significantly, attributed to a $2 million annual transfer from business-type activities. The general fund also performed well, with revenues exceeding budget projections by $2 million, primarily due to higher-than-expected grant income.

Overall, the audit results underscore the borough's financial health and set a positive tone for future budgeting and financial planning. The council anticipates that the recommendations from the audit will further enhance fiscal responsibility in the coming years.