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Wellington posts clean audit for fiscal year 2024; $1.8M in federal awards reported
Summary
External auditors gave the Village of Wellington a clean (unmodified) opinion on its fiscal year 2024 financial statements and single audit; the village reported about $1.8 million in federal awards expended during the year.
Wellington — The Village of Wellington received a clean (unmodified) audit opinion for the fiscal year ended Sept. 30, 2024, the village91s auditors reported at the March 11 council meeting.
Nicholas Martin, senior manager on the audit engagement, told the council the independent auditors91 report concludes "in our opinion, the financial statements referred to above present fairly, in all material respects" the village91s financial position for the year ending Sept. 30, 2024. Martin highlighted an unrestricted net position of about $52.1 million and a general fund unassigned fund balance of about $31.7 million.
Why it matters A clean opinion signals that the auditors found no material misstatements in the financial statements and did not identify reportable deficiencies in federal awards testing. Martin said the village expended about $1.8 million in federal awards during the year, triggering a single audit; auditors reported no instances of noncompliance or internal‑control weaknesses that must be communicated to the council.
Council discussion and clarifications Council members asked auditors and staff to explain key figures. Martin and village staff recommended the management discussion and analysis (pages 20–30 of the report) as a concise summary of the village91s financial performance. Staff confirmed the unassigned general fund balance equals roughly 47% of the current year91s expenditures, exceeding the village91s 25–30% policy target.
The auditors and staff also noted the report includes a required schedule of federal awards and that the village91s popular annual financial report is available online and at the front desk for residents seeking a condensed summary.
What was said (selected quote) "In our opinion, the financial statements referred to above present fairly, in all material respects," Nicholas Martin said when summarizing the independent auditors91 report.
Next steps Staff will continue to publish the annual comprehensive financial report, the popular annual financial report and related disclosures. Council members thanked the finance team during the meeting for their work in producing the audited statements.
Ending The council recorded no votes related to the audit presentation; the auditors and staff encouraged the public to review the report for detailed line‑by‑line information.
