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Town auditor gives unmodified opinion on FY2024; revenues beat budget, fund balance held
Summary
Auditor Carl reported an unmodified opinion for the fiscal year ended June 30, 2024, telling the Leonardtown Town Council that revenues exceeded budget largely because of higher interest income and income-tax receipts; the town’s unassigned fund balance remained roughly $2 million.
Carl, the town’s external auditor, told the Leonardtown Town Council the audit for the fiscal year ended June 30, 2024, yielded an unmodified (clean) opinion and did not include any material weaknesses or significant deficiencies.
The auditor said total general‑fund revenues came in higher than budgeted — roughly $3.0 million versus a budgeted ~$2.45 million — driven mainly by stronger interest income and higher income‑tax receipts. Carl said interest income contributed most of the positive variance and that income‑tax receipts also exceeded budget. He noted capital projects and timing of encumbrances continued to produce year‑to‑year fluctuations in expenditures.
Why it…
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