Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Fuquay Varina accepts FY2024–25 financial report after clean audit
Summary
The Fuquay Varina Town Board unanimously accepted the FY2024–25 annual comprehensive financial report after external auditors issued an unmodified opinion and reported no material weaknesses or findings on major federal and state programs.
The Fuquay Varina Town Board on Dec. 16 accepted the town—s annual comprehensive financial report for the fiscal year ending June 30, 2025, after auditors issued an unmodified (clean) opinion.
Scott Anderson, audit director for Cherry Beckert LLP, told the board the firm issued an unmodified opinion on the financial statements and reported no findings for the two major programs selected for single-audit testing. "We did issue our audit report. Your annual comprehensive financial report was finalized yesterday, December 15," Anderson said during his presentation. He also said the auditors did not identify any material weaknesses in internal control and found no instances of fraud or violations of laws and regulations.
The auditors noted an accounting change required by new GASB guidance that increased the town—s liability for compensated absences: a $2,900,000 increase for governmental activities and a $387,000 increase for business-type activities. Anderson explained the change was a retroactive application of the accounting standard and did not indicate an error in town accounting.
Town Manager Adam Mitchell recommended the board accept the report, which Mitchell said had been posted to the town website for public inspection. After a motion and second, the board approved the recommendation by voice vote.
The acceptance means the town will publish and rely on the audited FY2024'025 statements for budget and external reporting; the auditors indicated they stand ready to assist staff with upcoming GASB pronouncements affecting presentation in future reports.
