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Timnath council accepts 2024 comprehensive financial report; auditor issues clean opinion and single-audit completed
Summary
The Timnath Town Council unanimously accepted the town's 2024 Annual Comprehensive Financial Report (ACFAR) and related audits. The Adams Group issued an unmodified (clean) opinion; an associated federal single-audit required by federal COVID funds was completed and will be filed with federal authorities.
The Timnath Town Council unanimously approved Resolution 59 Series 2025 on Sept. 23 to accept the town's 2024 Annual Comprehensive Financial Report (ACFAR) prepared with The Adams Group.
Bonnie Dennis, accounting manager for the Town of Timnath, summarized key figures from the ACFAR: the town reported a 2024 statement of net position of about $94,500,000 (a 16% increase from 2023); total revenues of roughly $41,900,000 (up about $5.6 million, largely from impact fees); total expenses of…
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