Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
La Plata receives clean FY2024 audit; town leaders outline bond and ARPA-driven fund changes
Summary
External auditors issued unmodified opinions on La Plata's June 30, 2024 financial statements; council heard a town treasurer overview showing bond-related liabilities and ARPA-funded capital spending that increased fund balances and changed net position.
Dan Kenny, partner at Mitchell and Titus, told the La Plata Town Council that his firm issued unmodified opinions on the town's June 30, 2024, financial statements, covering governmental and business-type activities and each major fund.
Kenny said the auditors found no material weaknesses or significant deficiencies in internal control and reported no uncorrected or unusual adjustments. "We did not identify any actual or suspected instances of fraud," he told the council.
The audit presentation noted the town issued bonds for a special taxing district (identified in the financial statements as financing for the Pine Grove infrastructure). Kenny described that bond issuance as a significant transaction that was disclosed and confirmed in the financial statements.
Treasurer Washington provided the council with an overview of key numbers from the financial statements. Washington said the town's net position decreased by just over $7,000,000, driven primarily by increased long-term liabilities related to the new bonds. At the same time, the general fund balance rose by about $6,600,000, of which roughly $6,100,000 was assigned (including funds held for opera projects and a Heritage Green special taxing district escrow).
Washington said the town recorded $36,000,000 in revenues and $29,000,000 in expenses for the year; she attributed much of the expense increase to ARPA-funded projects and to infrastructure costs in Pine Grove (about $13,000,000). She also noted $1,450,000 in interest earnings that contributed to the fund balance change.
On enterprise funds, Washington said the town's net position increased about $11,700,000, driven largely by major facility fees paid by new development. She described increases in intergovernmental revenues tied to ARPA funds used for pump stations and MS4 compliance work. Washington directed council members to pages noted in the financial packet for detailed line-item information.
Council members asked auditors about pension assumptions and whether the audit looks at multi-year trends. Kenny said pension liabilities rely on actuarial assumptions and are disclosed as significant estimates; he explained auditors review actuary reports and required supplementary information. He added that the auditors' opinion covers the single reporting year, although analytical procedures consider expectations and variances.
The council received the presentations without a separate formal vote on the audit report itself; members were told the full audit report is posted on the town website for review.
