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Town treasurer: auditors performed interim testing; income-tax receipts at 98% with final FY26 numbers expected mid-September
Summary
The treasurer reported auditors completed interim testing through May, encumbrances were rolled into FY26, and income tax receipts are higher than anticipated — at 98% with one anticipated payment remaining; final fiscal-year 2026 numbers are expected by mid-September.
Leonardtown's treasurer reported to the Town Council on July 24 that outside auditors performed interim testing through May and will return to complete June testing, with final fiscal-year 2026 numbers expected around mid-September.
The treasurer said the meeting packet includes a roll-forward of encumbrances — purchase orders from FY25 that will carry into FY26 — and staff have worked to close as many open purchase orders as possible to limit rollovers. "We'll probably get final numbers around mid September, for fiscal year 26," the treasurer said.
On revenue, the treasurer reported income-tax receipts were higher than anticipated and that the town had received a payment in June with one more expected in July. "So we're at 98%," a councilmember remarked and staff confirmed that figure while noting the remaining payment would increase the year-to-date total.
Staff also noted a corrected rate sheet for water, sewer and trash rates had been distributed to replace a prior version that contained a typo; the corrected sheet will be posted to the town website and the new budget book.
Less critical: auditors conducted interim testing last week; the treasurer said staff continue to reconcile encumbrances and monitor revenues. Council members had no further questions.
