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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 approximately $28,900,000 (up $7.1 million, mainly capital projects); long-term liabilities totaling about $45,700,000; and combined liabilities of about $55,100,000. Dennis also noted a net pension and OPEB liability of roughly $3,800,000.
Eric Miller of The Adams Group told council there were "no difficulties, no disagreements with management" during the audit, no adjusting or uncorrected journal entries, and that the firm's opinion was "unmodified or clean opinion." Miller emphasized that pension and OPEB liabilities are actuarial estimates that can change year to year.
Because the town spent more than $750,000 in federal pandemic-related funds during 2024, The Adams Group performed a federal single-audit of those awards and concluded that "in all material respects" the town complied with applicable federal award requirements; Miller said the single-audit and the ACFAR would be finalized and filed with the state and federal reporting bodies ahead of the Sept. 30 deadline.
Council members praised the finance team for winning a Government Finance Officers Association (GFOA) award for the 2023 report and for submitting the 2024 report for another GFOA consideration. Council voted unanimously to accept the 2024 audit and authorise final filing.
What's next: staff will finalize the ACFAR and submit required state and federal filings before the Sept. 30 deadline, and the town will continue follow-up work related to pension/OPEB disclosures and capital project reporting.
