Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Report topic
No spam. Unsubscribe anytime.
Independent auditors give Rising Sun an unmodified opinion on FY2024 financial statements
Summary
Zelenkovsky Axelrod presented the June 30, 2024 audit to the board, reporting an unmodified opinion on financial statements and on single-audit compliance for ARPA funds.
Zelenkovsky Axelrod auditors presented the town of Rising Sun’s fiscal year 2024 audit at the April 8, 2025 meeting and reported an unmodified opinion on the financial statements and on single-audit testing related to American Rescue Plan Act (ARPA) funds.
Kim Stank of Zelenkovsky Axelrod told the board the audit was completed in December and that the firm issued a standard management letter. Auditor Steve Rock summarized the financial statements, noting governmental activities reported roughly $8 million in assets and business-type (water and sewer) activities about $23 million in assets. The auditors reported approximately $2 million in governmental liabilities and about $20 million in business-type liabilities, with a governmental net position of roughly $6 million and business-type net position around $3 million.
Steve Rock said the town’s Statement of Activities showed many functions operating at a loss when measured against direct program revenues, with tax revenues and recognition of ARPA funds producing an overall positive change in net position of about $2 million for the year. Fund-level statements showed a general fund balance near $4 million and business-type fund balance near $3 million. The budget-to-actual schedule showed revenues were about $200,000 above budget and expenditures approximately $125,000 below budget for the year.
Because ARPA funds were recognized in 2024, the auditors performed a single-audit for the major program. Both the compliance testing for the ARPA program and related internal-control testing yielded unmodified opinions, the auditors said. Kim Stank and Steve Rock thanked town staff — named in the presentation as Judy and Kelvin — for their assistance in completing the audit.
Board members thanked the auditors. The mayor and administrators noted that an earlier oil spill in a town building had delayed distribution of the audit to the board but said staff had completed required work in a timely manner.
