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Auditor issues clean opinion as council reviews borough finances, debt and pension notes
Summary
An external auditor gave New Freedom Borough a clean opinion for fiscal 2024; council members pressed for clarity on sewer/water debt, pension valuations and timing of grant spending. Council approved several routine payments and actions tied to capital projects and grants.
The borough’s external auditors presented New Freedom Borough’s 2024 financial audit May 12 and reported a clean opinion with no material findings, councilors heard.
Mark Kephart, the auditor, summarized key figures: the borough reported total assets of roughly $14 million, about $7 million in cash and nearly $7 million in fixed assets net of depreciation. Notes payable taken on for sewer and water improvements totaled about $7.4 million, and combined revenues were listed at about $7.7 million with expenditures around $6.5 million, producing a reported excess of approximately $1.2 million for the year. Kephart also noted capital additions of about $314,000 and depreciation of about $228,000 for the year.
Council members pressed for trends and implications. Kephart said the sewer fund holds the majority of cash (approximately $4.5 million) and that a large portion of bond…
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