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Bridgeport accepts 2024 audit; borough posts a surplus and no single-audit findings
Summary
Independent auditor Carl Hogan of CLA presented the Borough's 2024 annual audit, reporting a positive operating surplus, transfers to the capital projects fund and no audit findings related to federal awards; council voted to accept the audit report.
The Bridgeport Borough Council accepted the borough’s annual financial audit for the year ended Dec. 31, 2024, after a presentation by Carl Hogan of CLA.
Hogan told council the independent auditors concluded the financial statements were fairly presented. He reported that Bridgeport posted better-than-budgeted revenues in 2024, driven in part by River Point development activity and higher-than-anticipated realty transfer and earned-income taxes. For the year he cited approximate figures presented by staff and auditors: roughly $9.9 million in revenues and about $8.3 million in expenditures, producing an operating surplus of about $1.6 million. As a result, council transferred about $1 million from the general fund to the capital projects fund to pay for strategic property purchases and capital work without issuing debt.
Hogan also noted the borough received a federal mitigation grant of about $2.4 million that was recorded within the general fund; because total federal awards exceeded the $750,000 single-audit threshold, the borough underwent a single audit. The auditor said there were no compliance findings related to federal awards and no material internal-control findings for the year.
Hogan described the sewer fund’s improving condition: tapping fees and development-related revenue have helped the sewer fund move from a deficit in earlier years to an estimated positive fund balance of about $1.3 million, and the sewer fund is annually repaying what it owes the general fund (noted as about $800,000 due from the sewer fund at year-end). The general fund fund balance was stated at about $4.8 million and the capital projects fund at about $1.3 million.
Council asked whether the auditor would have given a positive rating absent the recent development-driven revenues; Hogan said the borough’s financial management would still rate positively but acknowledged that continued conservative budgeting is prudent once one-time development revenues slow.
After questions, a councilmember moved to accept the audit and council unanimously approved the audit report.
