External auditor issues clean opinion on Blythewood’s 2024 financial statements; revenue rose on large development permits

Will Walls, audit manager with Love Bailey and Associates, presented the town’s fiscal year 2024 audit at the Blythewood Town Council meeting and said the firm issued an unmodified (clean) opinion on the financial statements as of June 30, 2024.

Walls said total revenues rose by about $3 million compared with the prior year, driven principally by fees, licenses and permits. He told the council roughly $420,000 of the increase in permit-related revenue came from Scout Motors’ construction activity. Walls also said operating expenditures decreased by about $826,000, and the town’s change in governmental fund balance was about $370,000 for the year.

On one-time federal funds, Walls noted the town recognized no ARPA revenue in FY2024 because the American Rescue Plan Act funds were spent in 2023. He said the town’s net position increased to roughly $1.64 million and that total debt outstanding was about $460,000; debt service scheduled for the next two years was reported at about $513,000.

Walls emphasized that the engagement was a financial statement audit, not a forensic audit. He said the auditors perform unpredictable procedures annually that can help detect irregularities, but the primary goal is to determine whether financial statements are materially correct under generally accepted accounting principles. The auditors found no indications of fraud in the procedures they performed and issued an unmodified opinion.

Council members thanked staff for preparing for the audit; no motions were made on the audit presentation.