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Rising Sun auditors report clean opinion on 2025 financial statements
Summary
The town's auditors presented a clean opinion for fiscal 2025 with no reportable findings, noting roughly $8 million in assets and approximately $2.8 million in unrestricted funds; auditors also summarized a small decrease in fund balance tied to higher expenses.
The town's auditing firm presented its annual audit to the mayor and board on Dec. 9, reporting a clean opinion and raising no formal findings.
Steven Rock, a supervisor with the auditing firm, told the board the deliverables included the management representation letter and the audit report and that the firm had "a clean opinion" on the town's financial statements and internal controls. "We had no findings," he said.
Rock summarized the high-level figures the audit recorded: about $8,000,000 in assets, roughly $2,000,000 in liabilities and a net position around $6,000,000, with approximately $2,800,000 described as unrestricted. He said the town's total revenues were about $2,600,000 against total expenses of about $3,300,000, producing a year-over-year decrease in fund balance. Rock also noted enterprise fund positions, reporting the water fund with a net position near $2,200,000 and the sewer fund carrying a deficit of about $270,000.
Rock pointed the board to the management discussion and analysis and the budget-to-actual schedules that explain year-to-year changes, and he said that testing of internal controls during the audit produced no reportable deficiencies. "We provide a clean opinion on the town's financial statements," he said, adding thanks to town staff for completing materials earlier than in prior years.
The board had no questions during the presentation. The town administrator and auditors will finalize the written management letter and audit report for the town's records and any required filings.
