Council accepts FY 2023–24 annual audit; auditors issue clean opinion, note limited documentation weaknesses

The Town of Argyle accepted the audited annual comprehensive financial report for the fiscal year ending Sept. 30, 2024, at its June 16 meeting. Auditors from Veil & Park, P.C. (presented by Mike Vail) issued an unmodified opinion on the financial statements and provided a separate report on internal control and compliance performed under Government Auditing Standards.

Auditors reviewed the town’s financial statements and internal controls under generally accepted auditing standards and the Government Auditing Standards (Yellow Book). They said total government-wide revenues declined about $470,000 (3.8%) from 2023 to 2024, primarily because building-permit revenues dropped from approximately $1.3 million to $645,000. The audit also showed business‑type (utility) expenses increased due to significant collection‑system repairs in fiscal 2024, and total net position increased to about $53.6 million at Sept. 30, 2024.

Audit results and highlights presented to council included:

- An unmodified (clean) independent auditor’s opinion on the financial statements. - A separate audit report on internal control and compliance with Government Auditing Standards. - A significant‑deficiency finding: auditors were unable to locate supporting vendor invoices or complete voucher packages for 6 of 40 disbursements tested; subsequent documentation was provided in some cases but staff was advised to maintain vendor files and supporting records consistently. - General‑fund liquidity at four months of reserves calculated under typical practice; auditors noted that land purchases in the year affect standard reserve calculations. - An explanation of SB 1851 and the importance of timely audit completion for future compliance and potential property‑tax rate restrictions if reporting deadlines are missed.

Auditor and staff discussion included clarifications about some balances (for example, how land purchases are recorded on governmentwide statements and governmental funds), the town’s cash and net position, and a recommendation to maintain supporting documentation for disbursements. The firm assigned a rotating audit partner for future audits and encouraged staff to plan earlier fieldwork for FY25 audit completion.

After the presentation and a brief council discussion, a council member moved to accept the FY 2023–24 annual audit report as presented; council approved the motion by voice vote.

Council and staff said they would implement recommendations, including improving vendor-file organization and scheduling earlier audit fieldwork for FY25 to meet revised reporting deadlines under state law.