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Independent auditors give Sykesville a clean FY2024–25 opinion; town net position around $13M
Summary
Audit partner Eva Webb reported an unmodified (clean) opinion on Sykesville's FY2024–25 financial statements, noting total assets of about $15.7M, current liabilities roughly $421K, pension net liability ~ $1.7M and unrestricted net position of about $2.8M; ARPA balances were noted as deferred inflows.
The independent auditor for Sykesville reported an unmodified (clean) opinion on the town’s financial statements for the year ended June 30, 2025, and walked the council through the key balances and disclosures.
Eva Webb, audit partner at LSWG, told the council the financial statements "present fairly in all material respects," the highest level of audit opinion. Webb highlighted the town's financial position: current assets of approximately $7.6 million, noncurrent capital-related assets near $7.7–$7.8 million, and total assets of roughly $15.7 million. Current liabilities were reported at about $421,000 and the net pension liability about $1.7 million. The auditor said unrestricted net position was roughly $2.8 million and that total net position was nearly $13 million.
On the operating side, Webb summarized program-level expenses of about $5.9 million and program revenues (charges for services, grants and contributions) that offset some expenses; the town realized a modest loss of around $125,000 for the year, which Webb described as under 1% of the overall budget. She noted several disclosures and footnotes council members often ask about, including GASB 101-related changes to accrued compensated absences and the treatment of ARPA funds (deferred inflows of roughly $2 million representing unspent ARPA grant balances).
Webb emphasized that management is responsible for the financial statements and that the council (governance) must review and approve the audited statements before the auditor finalizes the report and files with the state of Maryland.
Council members asked clarifying questions about fund balances, pension disclosures, and timing of ARPA revenue recognition; the auditor said some ARPA expenditures expected in the audited period were lower than budgeted and those revenues will be recognized in the following fiscal year. No formal vote on acceptance of the audit was recorded during the meeting; council members said they would review and approve the audited statements so the firm can submit them to the state.
