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Town accepts 2024 comprehensive annual financial report; auditors give unmodified opinion
Summary
Bacon & Company presented Barrington’s FY2024 Comprehensive Annual Financial Report (CAFR). Auditors issued an unmodified opinion and identified one single-audit finding related to documentation for a federal special-education grant; the council voted to receive the report 5–0.
The Town Council voted 5–0 to receive and accept the town’s Comprehensive Annual Financial Report (CAFR) for fiscal year 2024 after auditors from Bacon & Company presented results showing an unmodified opinion and healthy fund balances.
Lede: Auditors from Bacon & Company delivered the FY2024 CAFR and issued an unmodified (clean) opinion; council voted to receive and accept the report 5–0.
Nut graf: The audit shows strong net positions across governmental and business-type activities and highlighted a budgetary surplus in the general fund. The single-audit section included one finding related to documentation for suspension and debarment on a federal special-education grant; auditors said corrective action followed.
Key audit figures presented (auditors’ summary) - Government-wide net position: approximately $83.0 million, of which roughly $53.6 million was invested in capital assets and $3.7 million was unrestricted. - Business-type (wastewater) net position: approximately $17.1 million, with about $8.9 million invested in capital assets. - General fund: ended the year with a fund balance of approximately $32.4 million and a reported budgetary surplus of about $2.5 million for fiscal year 2024. - American Rescue Plan Fund: auditors reported $3.5 million remaining in unearned revenue for that fund at year-end.
Auditors and staff comments Cheryl Langevin, audit manager at Bacon & Company, walked the council through the government-wide statements, governmental fund statements, proprietary funds and fiduciary funds. The audit contained no financial reporting findings and 1 single-audit finding (a documentation issue tied to the special-education grant, labeled suspension and debarment documentation). Auditors said corrective steps were taken.
Council action After a brief exchange, the council moved to receive and accept the CAFR for FY2024; the motion passed unanimously, 5–0. Town officials thanked auditing staff and the town’s finance team—Assistant Finance Director Ross Latham received special recognition for helping close the audit.
Ending: Councilors said they would contact auditors or staff with any follow-up questions; the audit will be posted and used to inform upcoming budget and capital discussions.
