Independent auditors give Town of Irmo an unqualified opinion; report shows revenue over budget
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Summary
Independent auditors presented an unqualified (clean) opinion for fiscal year ending 6/30/2025, reporting $25,000,000 in total assets, $6.9 million in liabilities and a net position of about $17,000,005; general fund revenues exceeded budget by $1,686,000.
At the Dec. 16 meeting the council received the Town of Irmo's annual financial audit from Todd Highsmith of Highsmith & Highsmith, who said the auditors issued an unqualified (clean) opinion on the town's financial statements.
Highsmith summarized key figures: total assets as of June 30, 2025 were reported at $25,000,000; total liabilities were $6,900,000; and net position was $17,000,004.91, with approximately $8,700,000 unrestricted. He told council the general fund showed a fund balance of $13,490,000 and reported that general fund revenues exceeded the budgeted $11,695,000 by $1,686,000 (actual revenues $13,381,000). He also reported an increase in net position of $2,870,000 for the year.
Highsmith said auditors reviewed management interactions and found no unusual items requiring disclosure, and that prior-year concerns over segregation of duties had been addressed. "They provided everything we needed...very transparent," he said, and noted the removal of the segregation-of-duties disclaimer.
Council thanked staff for improvements in internal controls. One council member called the removal of the 'blemish' a sign of the town's financial health and praised the finance team. Highsmith invited questions but reported no material exceptions in the footnotes.
The audit will be posted with the staff report and supporting schedules; council members asked staff to continue strengthening internal controls as the town grows.
