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Harrisburg posts healthy FY24 results; auditor issues clean opinion
Summary
Finance staff reported net position growth and large developer-contributed infrastructure; auditors (Martin Starnes & Associates) issued an unmodified clean opinion and found no red flags in performance indicators for FY24.
Town finance staff presented the FY24 financial results and an external auditor delivered a clean opinion to the council.
Brian Lee reviewed fiscal highlights: the town increased transfers to capital reserves by about $9.9 million — roughly $3 million more than expected — driven by property tax growth, higher state distributions and sizable developer‑contributed infrastructure (about $11.5 million). Lee said the town's government‑wide net position rose to about $128 million.
Lee highlighted that transportation investments totaled about $1.2 million this year, with roughly half of that for engineering and design on future projects; major developer contributions included Holcomb Woods Phase 2 (about $7.3M), Davis Creek (about $1.0M) and Bloom South Phases 6–7 (about $3.1M).
"About $9,900,000 in total was transferred to our capital reserve funds as a result of this year," Lee said.
The auditor from Martin Starnes & Associates reported an unmodified (clean) opinion on the FY24 audit and said the LGC accepted the financials without comment. Auditor Keng Mlao (audit team) told the council that the audit process included interim and final fieldwork, internal control walkthroughs and performance indicator checks, and that no red flags were found in the LGC performance indicators.
Council members asked about debt service and whether it should be paid early. Staff noted the town carries some debt through 2044 but that the average debt rate is favorable and that finance evaluates early-payoff opportunities during the budget process.
The council accepted the audit presentation; staff said additional reporting and dashboards will appear on the new projects and construction web page.
