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Signal Mountain auditor reports overall profit but issues adverse opinions, lists multiple control findings
Summary
The town auditor presented the fiscal year 2023–24 report showing overall government-wide profit and strong liquidity, while issuing adverse opinions on some funds and listing repeated internal-control findings; the town manager and council outlined corrective actions and a plan to submit the audit to the state comptroller.
Jennifer Waycaster, the town uditor with Waycaster LLC, told the Signal Mountain Town Council at its March 24 work session that the town—inished the fiscal year ending June 30, 2024, with a government-wide increase in net position of about $2.1 million and an ending net position of roughly $29.4 million.
Waycaster said the audit showed healthy liquidity in operating funds: cash and investments totaled roughly $4.6 million each and the town reported about $6.2 million in property taxes receivable for the coming year. The general fund produced an operating surplus of about $428,000 and an ending general fund balance of approximately $6.5 million, which Waycaster said is roughly 74% of annual expenditures.
At the same time, Waycaster said, the…
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