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Independent auditors give Westchester borough a clean opinion on 2024 financial statements
Summary
An audit manager from Mali presented the 2024 audit results to Westchester Borough Council, reporting an unmodified (clean) opinion, key balances, and recommendations on procurement, due‑to/due‑from reconciliations and longer‑term budgeting.
Council received the borough’s 2024 financial audit on July 16. Chris Ratonardo, audit manager with Mali, reported an unmodified (clean) opinion on the 2024 financial statements and reviewed key balances and accounting items.
Ratonardo told council the audit reviewed significant accounting estimates — including lease receivables, net pension liability and the OPEB liability — and found no disagreements with management. He noted one new Governmental Accounting Standards Board guidance (GASB 101 on compensated absences) that did not materially affect the borough’s reporting. The auditors will issue a routine recommendation letter addressing internal controls and operational items.
Key summary numbers presented: governmental cash of roughly $9.3 million, business‑type‑activity cash of about $7.65 million, receivables in the low millions, net capital assets near $24 million (governmental) and $26 million (business type), and long‑term debt levels reported in the millions. Ratonardo said governmental activities showed a surplus in 2024 of about $1.8 million and business‑type activities a surplus of about $4.1 million; transfers from business‑type to governmental activities averaged about $2.0 million per year in recent years.
The auditors recommended improved adherence to authorized‑vendor lists for procurement and remediation of longstanding ‘due to/due from’ balances that appear to have been carried across multiple years. Borough staff said they will include those recommendations in a separate letter and plan follow‑up work with finance and departmental managers.
Councilors asked for clarification about vendor use, grant income volatility and the need to plan for reductions in federal grant streams. The auditor and finance staff said they will include longer‑range budget planning in their recommendation letter and follow‑up work.
