Jeff Shaver, the independent auditor, told the Village of Tuckahoe Board of Trustees on Jan. 6 that his firm issued an unmodified ("clean") opinion on the financial statements for the fiscal year ended May 31, 2024.

Shaver said total budgetary results combined higher-than-expected revenues and underspending to produce a $235,000 budgetary surplus for FY2024. He reported that revised revenue estimates rose from $14,461,000 to $15,635,000 and actual revenues were $15,738,000, about $103,000 above the revised budget. Final expenditures were $14,724,000, about $128,000 under the final budget, producing the combined surplus Shaver cited.

The auditor said the general fund's unassigned (residual) fund balance rose to $2,626,000 (from $2,491,000 the prior year), leaving total general fund balance at approximately $2,726,000. Of that total, $100,000 has already been earmarked to balance the 2024-25 budget. Shaver said the unassigned balance represents roughly 18% of the village's expenditure budget, a level he described as a healthy cushion compared with commonly referenced fiscal-stress thresholds.

Shaver also reviewed bonded debt, saying the village has about $6.19 million in outstanding general obligation bonds, with roughly $2.645 million remaining on the 2021 issuance. He described the overall debt service as "manageable" for a municipality of Tuckahoe's size.

Trustees asked for clarity on revenue categories. Shaver explained that the 14.7% of total revenue described as "non-property taxes" on the revenue pie chart includes the county sales-tax distribution ($1.9 million), utilities gross-receipts taxes ($273,000), and hotel occupancy tax ($209,000).

The trustees approved routine procedural motions on Jan. 6, including adoption of the Dec. 2 minutes and a resolution authorizing the surplus and sale of a Village Chevrolet Silverado pickup to the highest bidder. The board also approved vouchers in the amount of $503,612.86.

Mayor Andino and board members thanked Treasurer Ryan Nueda and Village staff for their work compiling records for the audit. Shaver said his team of four auditors performed on-site fieldwork in October and November and received needed records from the treasurer and village manager in time to issue the report in December.

The audit report and the village's financial statements will be posted to the village website, Shaver said.