Town auditor: Georgetown's FY2025 financial statements receive clean opinion; assets and liabilities rose after debt issuance

Chris Leeman, engagement partner for the audit firm, presented a high-level summary of the town's April 30, 2025 financial statement audit and told the council the auditors issued the best available professional opinion on the statements.

Leeman said the work found no instances of fraud and no material weaknesses in internal controls for the period under audit. He described the firm's risk-based approach and noted the audit tested key processes including payroll, cash disbursements and revenue recognition.

From the management discussion and analysis, Leeman highlighted year-over-year movements: total assets increased from about $19.6 million to $32.2 million, a change he attributed largely to debt proceeds received but not yet expended. Long-term liabilities rose from roughly $3 million to about $14 million because of the same borrowing. On a net-position basis, governmental activities moved from about $17.5 million to $19.2 million.

Leeman also summarized business-type activity (water and sewer), reporting charges for service of around $5.1 million against expenses near $4.3 million, producing a positive change just under $800,000 for the year. He said the audit is not forensic in scope but that auditors exercised professional skepticism and obtained adequate backup for requested transactions.

The council offered no substantive follow-up questions. "We did not discover any instances of fraud, nor were we made aware of any fraud during our audit," Leeman said. He gave council his contact information for any later questions.

The presentation closed with council members expressing satisfaction with the results and thanking the auditor.