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Princeton accepts FY2025 audit after review of fund balances, repeat findings
Summary
The Princeton Board of Commissioners accepted the town—s fiscal year 2025 audit 4-0 after auditor Austin Eubanks summarized a positive operating change, several repeat findings (donor-restricted funds and budget noncompliance), and recommendations to improve reconciliations and budget authorizations.
The Princeton Board of Commissioners voted unanimously Feb. 2 to accept the town—s fiscal year 2025 audit after an hour-long presentation by Austin Eubanks, audit manager with ThompsonPrice.
Eubanks said the town—s financial statements showed total revenues of about $1,723,000 and total expenditures of about $1,600,000, producing a roughly $115,000 positive net change for the year. "Your unassigned fund balance was 601,000, and that puts you above that threshold of 34% right at 38.15%," Eubanks said, noting that the ratio gives the town roughly four…
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