Town of DeWitt auditors issue unmodified opinion for 2024; board accepts audit and financial report

Jacob Sketchel, principal at Bonitio Group, presented the Town of DeWitt’s 12/31/2024 financial‑statement audit and reported an unmodified opinion, no material weaknesses or significant deficiencies in internal controls rising to Yellow Book report levels, and a separate management letter with recommendations on segregation of duties and other best practices.

Jacob said auditors also completed an audit of the town’s local development corporation (blended component unit) and agreed‑upon procedures on the justice courts; the justice procedures identified minor reconciling items but nothing of significant concern. He described certain accounting estimates that affect municipal financial statements — pension and other post‑employment benefits (OPEB) liabilities, depreciation and other accruals — and noted a new GASB/Government Accounting Standards Board pronouncement on compensated absences that did not materially affect the town.

On financial highlights, Jacob said the town reported an approximate $1.1 million total net position with a governmental net position of about $720,000 and business‑type activity of about $400,000. He noted the town’s OPEB liability (reported at about $18 million) drives long‑term net position volatility because there is no dedicated funding mechanism. On the fund basis, the general fund showed a $2.4 million increase in fund balance for 2024 (about $1,000,000 under budget in expenditures and about $1.1 million over budget in revenues); general fund year‑end balance was roughly $6.2 million, with an unassigned balance of about 38% of 2025 budgeted expenditures.

Board members asked routine questions about procedures, billing for audit services and fund balances; Jacob said the draft financial statements were expected to be dated that day and issued the next day. After discussion, the board voted to accept the 2024 audit and the annual financial report that is filed with the state. Motions recorded in the minutes show the audit acceptance motion was moved by Jack and seconded by Carrie; the financial‑report acceptance motion was moved by Carrie and seconded by Bernard. The court audit (agreed‑upon procedures) was voted on separately and recorded as carried.

The auditors also issued a management letter with recommended improvements to internal control (segregation of duties) but no material weaknesses were reported. The board did not change the town’s published financial results at the meeting.