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Tiverton auditors give town clean 2024 report; net position up about $6.7 million
Summary
Independent auditors presented Tiverton’s 2024 financial statements and issued unmodified opinions on the basic financials, single audit and agreed‑upon procedures review, reporting no findings or compliance exceptions.
Megan Hyland, a certified public accountant, told the Tiverton Town Council on Monday that the town received unmodified (clean) opinions on its 2024 financial statements, the federally required single audit and an agreed‑upon‑procedures engagement required by RIDE.
The auditors’ presentation summarized government‑wide and fund financial statements and showed a reported total net position of approximately $23,000,000 at the end of 2024 — an increase of about $6,700,000 from the prior year. Hyland said that increase was primarily driven by capital investment, strong revenue performance and reductions in long‑term liabilities.
Why this matters: an unmodified opinion is the highest level of assurance an external auditor issues, and no internal control deficiencies or compliance findings were reported in the work presented to the council. The single audit tested the town’s major federal program for the year (the presentation identified special education, “SPED,” as the major program tested) and found no issues.
Hyland summarized how the town reports its finances: government‑wide statements show the town’s overall financial position; fund statements report on major governmental funds (the presentation named general fund, landfill, gaming revenue and ARPA among the major funds) plus enterprise and fiduciary funds. She noted the school unrestricted fund is treated as a major fund for Tiverton.
The auditors also flagged a small number of upcoming accounting standard and presentation changes. For 2025, that included modest changes to the calculation of compensated absences; for 2026 the auditors said there may be reclassifications of operating and nonoperating items in proprietary funds to improve user clarity. Hyland said auditors and town finance staff will work together to implement those changes.
Councilors asked technical questions about pension‑related deferred outflows and inflows and the five‑year outlook embedded in actuarial assumptions; Hyland said those figures are driven by actuarial assumptions and investment returns and can fluctuate year to year. The council thanked the auditors and finance staff for their work.
The council did not vote on the report at the meeting; the auditor delivered the 2024 financial statements and related reports for the council’s review.
