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City auditor issues unmodified opinion; pension plans reported healthy
Summary
External auditors reported an unmodified opinion on Havre de Grace's 2025 financial statements and said there were no material misstatements; auditors noted pension plans are well funded (civilian ~96%, police ~77%) and ARPA spending has been largely allocated.
Zelenkowski & Axelrod presented the city's audited financial statements to the Havre de Grace City Council on Nov. 17 and issued an unmodified opinion — the highest level of assurance auditors can provide. Auditor Nate Schwartz said the audit proceeded according to plan, there were no material misstatements and no disagreements with management during fieldwork.
Schwartz thanked City Finance staff for providing timely documentation through the transition in finance leadership and said the audit encountered no significant difficulties. He reported that the city's general fund balance increased slightly and that the city has spent a significant portion of its ARPA funds ("5 point some million," with about $1 million remaining as of June 30, according to the auditor's remarks).
Schwartz highlighted that the city's pension plans are well funded: the civilian pension plan was approximately 96% funded and the police pension plan approximately 77% funded — levels he described as strong relative to typical local governments. He also noted the city's OPEB plan remains on a pay‑as‑you‑go basis.
Councilors thanked the auditor and finance staff for a smooth audit process. The unmodified opinion means the financial statements can be relied upon for budgeting and financial reporting; the audit report and required communications will be included in the city packet and posted according to standard procedures.
