Phoenixville council accepts 2024 audit; auditor reports clean opinion and a restatement related to unearned revenue

Phoenixville Borough Council accepted the borough’s audit for the year ended Dec. 31, 2024, following an auditor presentation that concluded with an unmodified (clean) opinion and an explanatory note on a prior-year restatement related to unearned revenues.

Dale (presenting as the auditor) reviewed key financial statement items, described the separation of governmental and business-type activities (the latter including water, sewer, parking and sanitation), and summarized that the audit was conducted in accordance with U.S. generally accepted auditing standards. The auditor said management posted the audit adjustments and that there were no disagreements with management during the audit.

The auditor also discussed implementation of GASB statements related to corrections of errors and reporting of compensated absences, and identified significant estimates in the financial statements including pension investment fair values, depreciation of capital assets, pension and OPEB liabilities and compensated absences. The auditor reported the issuance of an unmodified opinion but with an emphasis-of-matter paragraph to reflect a prior-year correction of reported unearned revenue.

Council moved to accept the audit as presented; the motion was seconded and passed 8-0. The auditor indicated that full financial statements and required communications had been distributed to councilmembers for review.

Because some numeric detail in the meeting transcript is formatted inconsistently, the article summarizes the auditor’s conclusions and procedural findings rather than reproducing the transcript’s numeric strings. Council’s acceptance completes the formal audit receipt step; any detailed follow-up items will be addressed through routine finance and committee processes.