Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Tolland posts clean FY2025 audit; general fund remains strong as budget season approaches
Summary
Independent auditors CliftonLarsonAllen delivered unmodified (clean) opinions on Tolland's FY2025 financial statements and single audits, reporting an increase in governmental net position and a healthy unassigned general-fund balance of about $12.8 million (roughly 18% of GAAP expenditures).
CliftonLarsonAllen auditor Leslie Zoll presented the Town of Tolland's FY2025 annual comprehensive financial report to the council on Feb. 10 and delivered clean audit opinions.
Zoll told the council the audit produced unmodified opinions on the town's financial statements and federal and state single audits, and that auditors did not identify reportable internal-control findings. "You have received unmodified opinions on the financial statements as well as the federal and state single audits," she said.
Key numbers presented included total governmental net position of about $128.6 million, an increase of roughly $4 million from the prior year, and a general-fund unassigned balance of about $12.8 million (approximately 18% of GAAP expenditures). Revenues exceeded projections by $297,000 and expenditures came in under budget by about $636,000, producing a stronger-than-expected budget position heading into the upcoming budget season.
Zoll also reviewed single-audit testing (including ARPA) and said there were no findings on major federal or state programs tested. The presentation included an overview of GASB reporting changes already implemented for FY2025 and those planned for FY2026.
Why it matters: A clean audit during a finance-staff transition gives the council confidence as it enters budget season and considers capital projects and service needs; the town's healthy unassigned fund balance provides flexibility for contingency planning.
What happens next: Finance staff will continue quarterly reporting, implement GASB-103 and GASB-104 items flagged for next year, and present department-level details as the council develops the FY2027 budget.
Provenance: topicintro SEG 2367; topfinish SEG 2462.
