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Indian Trail audit: unmodified opinion, town reports large increase in unrestricted net position
Summary
JB Watson & Company delivered an unmodified opinion on Indian Trail's fiscal year ending June 30, 2025, reporting increases in assets and net position and noting ARPA accounting reclassifications and strong fund-balance metrics.
Danelle Bennett of JB Watson & Company told the Indian Trail Town Council the firm issued an unmodified (clean) opinion on the town's financial statements for the year ended June 30, 2025. "An unmodified opinion, which means it's a clean opinion," Bennett said, summarizing the auditor's conclusions.
Bennett reported total assets rose by about $3,000,000 and the town's net position increased about $9,000,000; she said the most notable change was that unrestricted net position increased by roughly $12,000,000 from the prior year. Bennett also described an accounting reclassification under GASB 100 related to ARPA funds and noted the municipal financial statements reflect a subsequent budget amendment for the Indian Trail Road complete-streets project.
Why it matters: the Local Government Commission thresholds show the town is well above the minimums auditors review. Bennett reported the town's fund-balance-available percentage was about 109.49% (the minimum threshold cited was 25%), and the general fund's fund balance was roughly $27,000,000 at June 30, 2025.
Bennett reviewed compliance work on federal and state grants and said the audit team did not identify deficiencies in internal controls related to the major programs they tested (highway planning through CRTPO and ARPA for federal programs; Powell and state capital infrastructure programs for state grants). She also noted a forthcoming change in single-audit thresholds and told the council that if the town expends more than $1,000,000 in a grant program it will trigger single-audit requirements going forward.
Council members asked about trends and compliance risks; Bennett recommended monitoring whether revenues continue to cover expenses and reviewing the administrative cost of grant programs against the funds received. The audit presentation concluded with an offer to answer follow-up questions and a reminder that the detailed financial statements and notes are public record.
The council did not take any separate action on the audit at the meeting; the auditor's presentation served as the required annual communication to the governing body.
