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Wellington auditors find no material weaknesses; officials expect finished 2024 financial statements at next meeting
Summary
External auditors reported no significant deficiencies or material weaknesses for Wellington’s 2024 financial statements and federal-award compliance; the finance director said revenue trends are positive and the auditor will reclassify certain deferred revenues before issuing the final statements.
Jim Hinkle, an auditor with Hinkle and Company, told the Wellington Town Board of Trustees on Jan. 13 that the audit of the town’s 2024 financial statements is nearly complete and that auditors found no significant deficiencies or material weaknesses in the town’s internal controls.
Hinkle said the town also underwent a single audit for federal award expenditures (the town spent more than $1,000,000 in federal awards), and auditors found no instances of noncompliance for the major federal program reviewed. He described a technical presentation change the auditors will make: amounts historically reported as deferred revenue liabilities — primarily developer impact and tap fees — should be presented as restricted fund balance because those cash receipts are restricted for specific future…
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