Independent auditors give Simsbury a clean opinion; Board of Finance approves midyear transfers

Simsbury — Independent auditors from CLA told the Board of Finance on Feb. 18 that the town received an unmodified (clean) opinion on its 2024 financial statements and on the major state and federal programs CLA tested. The auditors reported no findings in internal control over financial reporting and no compliance findings on the major programs they audited.

Jessica Anastoff, signing director for CLA, described year‑over‑year changes in the town’s financials: total assets rose to about $256 million (driven largely by capital additions, including Latimer Lane renovations), total liabilities were about $96.7 million, and the town’s net position rose to roughly $155.2 million. She said strong market conditions contributed to investment‑income gains and to increases in pension and OPEB trust balances during the year. The auditors implemented new GASB guidance that changed how certain grants appear as major funds in the statements but reported no restatements or material adjustments.

Brandon Cathcart, audit manager, summarized the single‑audit testing. The auditors tested the American Rescue Plan Act (ARPA) expenditure cluster as the town’s major federal program (about $4.1 million of federal expenditures). CLA issued an unmodified opinion on compliance for the major federal and major state programs they tested and reported no findings on internal control for those programs.

Why it matters: A clean audit opinion signals that, in CLA’s view, the town’s financial statements fairly present its financial position under generally accepted accounting principles. The audit also identified areas for management improvement in a separate management letter (a routine practice); the town said it has in progress steps to address those recommendations.

Board actions tied to finances: After the audit presentation the Board approved a set of midyear transfers requested by departments and recommended by the Board of Selectmen. The transfers included reallocating contingency to cover negotiated union and unaffiliated staff salary increases (CSEA, police, AFSCME and unaffiliated staff); a $40,000 transfer for an IT website redesign; and transfers to address storm cleanup and an omitted parks maintainer position. The motion to approve the transfer requests passed unanimously. The board also approved prior meeting minutes as routine business.

Auditor remarks and upcoming standards: Anastoff and CLA staff noted the town adopted GASB Statement 100 (reporting changes and errors) for the year; CLA also flagged upcoming GASB items affecting compensated absences and financial reporting model disclosures. The auditors recommended finalizing a capital‑asset schedule in the town’s financial system and a formal accounting procedures manual; the auditors characterized these as management recommendations rather than findings.

Officials’ response: Finance Director Amy Merriweather and Town Manager Mark Nelson thanked audit staff and described steps taken to address outstanding items, including additional staff support for HR census work and software to reduce manual pension and OPEB processes.

Speakers (excerpted): Jessica Anastoff (CLA, signing director); Brandy Kaffner (CLA, manager); Brandon Cathcart (CLA, audit manager); Amy Merriweather (finance director); Mark Nelson (town manager).

Ending: The Board of Finance accepted the auditors’ reports and approved the recommended midyear transfers. Auditors said CLA found no material weaknesses in internal control or compliance findings for major programs tested; the board asked town staff to continue implementing the auditors’ management recommendations.