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Independent audit finds Middleburg’s fiscal 2025 statements present fairly; general fund posts surplus
Summary
An independent auditor reported an unmodified opinion on Middleburg’s FY25 financial statements, noting a general‑fund surplus of about $928,000, a utility‑fund deficit of about $108,000, and capital expenditures of roughly $866,000; auditors thanked staff for cooperation.
An independent auditor presented the town’s fiscal‑year‑2025 audit to the Middleburg Town Council on Dec. 11 and issued an unmodified (clean) opinion on the financial statements.
David Foley, the auditor identified to council, said the general operating fund ended the fiscal year with a surplus of approximately $928,000, while the utility fund reported a deficit of roughly $108,000. The capital fund recorded about $866,000 in expenditures and had a deficit of near $739,000 for the year; the audit also reported unrealized investment gains of about $76,000. The total governmental fund balance was reported at about $11.4 million.
Foley thanked town finance staff for facilitating the audit and for the municipality’s use of electronic records (Laserfiche) that sped document access. Council members praised the work as an important—and often unseen—part of municipal stewardship.
Quote: "We have issued an unmodified opinion on the town's financial statements," the auditor said. "Basically, an unmodified opinion means the town's financial statements have been prepared in accordance with generally accepted accounting principles."
