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Finance director reports preliminary FY2025 surplus; auditors scheduled for October fieldwork
Summary
Town finance reported a preliminary surplus for FY2025, projecting between $1 million and $1.5 million after outstanding invoices and year-end adjustments; auditors will begin fieldwork in October.
Finance Director (transcript reference: Mister Sabeti/Sodetti) reported preliminary year-end numbers for fiscal year ended June 30, 2025, indicating a favorable variance in the town’s internal financial statements. The report showed a favorable variance of roughly $2.3 million on an unaudited basis; staff said that after accruals and invoices are finalized they expect the surplus to narrow to about $1 million to $1.5 million.
The finance director said state education aid and certain pass-through receipts increased revenue relative to the adopted budget; when excluding school pass-through amounts, the town’s revenue showed a roughly $2.1 million favorable variance. Expenditure variances are expected to be roughly in line with budget once outstanding bills are posted.
The director said auditors are expected to perform fieldwork in October and that staff would keep the books open through mid-August to capture late invoices. The council’s solicitor praised the town’s audit preparedness and said the municipality had improved markedly since earlier audit cycles.
Council members asked about specific overages (for example, snow removal and vehicle repairs) and requested the finance director provide account-level details on request. Councilmember Verducci suggested reviving committee or subcommittee review (finance committee) to drill into line-item differences before the next budget cycle. The finance director said staff can provide line-item details on request and that auditors will begin preliminary work shortly.
