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Seymour accepts FY2024 audit; city reports strengthened fund balances
Summary
Council received an auditor's report showing Seymour's general fund increased by roughly $179,000 to just over $630,000 for the year ending Sept. 30, 2024, and accepted the FY2024 audit with staff directed to continue work on bank reconciliations and timing issues.
Seymour’s City Council unanimously accepted the fiscal year 2024 audit on Nov. 20 after an auditor’s presentation showing improvements across the city’s main funds.
Auditor Paul Fleming reported the general fund’s balance was "a little over $630,000," an increase of about $179,000 from the prior year, driven in part by transfers from water/sewer and electric funds. Fleming told the council the water and sewer fund’s unrestricted net position was just under $2 million and the electric fund just under $3 million, with positive year-over-year changes.
Fleming noted ongoing implementation items including bank reconciliations and audit timing — issues the city expects to address as it implements new processes with staff and vendors. Council members asked clarifying questions about cash totals and whether reserves or capital payments had changed; Fleming confirmed no deficit fund balances existed as of Sept. 30, 2024. The council then moved and voted to accept the audit.
Why it matters: Acceptance of the audit fulfills statutory requirements and provides the council with a current financial snapshot ahead of budget decisions. The report shows positive fund positions but recommends continued attention to reconciliation and timing to meet new state deadlines.
What’s next: Staff said the financial report unavailable tonight will be resolved by Dec. 1; the council directed continued progress on reconciliations and other audit recommendations.
