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Audit: Nantucket County reserves remain high; town used reserves to buy landfill and fund dorm work
Summary
At the May 14 Audit Committee meeting, auditors reviewed the fiscal 2024 management letter and described the county's unusually large reserve balances, the decision to use reserves rather than borrow for a recent landfill acquisition and dorm construction, and the effect on bond ratings.
Tony Roselli, partner at Roselli Clark and Associates, told the Nantucket County Audit Committee on May 14 that the county’s reserve balances have grown substantially over the past decade and that auditors found no material weaknesses in the fiscal 2024 audit.
Roselli said the reserve balance — defined in the presentation as stabilization funds plus undesignated general‑fund balance — rose steadily from the 2009 low and “you hit near 45,000,000 in reserves” by February 2023. The auditors and staff noted a drop in 2024 after the county used reserves…
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