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Town auditor reports strong reserves, OPEB liability and control issues in FY24 audit presentation
Summary
The town auditor told the Select Board on May 14 that Nantucket’s reserves remain strong, OPEB liabilities total roughly $115 million with 6% prefunding, and several operational controls should be tightened including inventory tracking and Chapter 90 reimbursements.
Tony Roselli, partner at Roselli, Clark & Associates, presented the Town of Nantucket’s fiscal year 2024 audit to the Select Board on May 14 and summarized the town’s financial position and several recommendations for internal controls and reporting.
Roselli highlighted that the town’s combined reserves (stabilization fund plus undesignated general fund balance) have risen in recent years and noted Nantucket’s triple‑A bond rating with Moody’s. "When you add those two numbers up, you have the reserve balances," Roselli said, describing a multi‑year…
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