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Wellington accepts clean audit for fiscal 2024; treasurer authorized to sign 2025 engagement
Summary
The Town of Wellington received a clean (unmodified) audit opinion for fiscal year 2024 and the board approved authorizing the town treasurer to sign an engagement letter with Hinkle and Company to audit fiscal 2025, the finance director said.
Wellington — The Town of Wellington’s audited financial statements for the year ending Dec. 31, 2024, were submitted to and accepted by the Colorado Office of the State Auditor, Finance Director and Town Treasurer Nick Reedavid told the board on Feb. 24. "The Town Of Wellington, Colorado financial statements with independent auditors report for fiscal year ending 12/31/2024 has been submitted to and accepted by the office of the state auditor for Colorado," Reedavid said.
The independent auditor issued an unmodified (clean) opinion, Reedavid said, and noted no disagreements with management or reportable material weaknesses in internal control. He reported a total net position of about $107.3 million and current assets of roughly $38.9 million, including $27.6 million in pooled cash and investments. The general fund’s ending balance was $6.7 million at year end, he said.
Reedavid reviewed the audit timeline and the town’s recent work to catch up on overdue audits following significant turnover in the finance office. He also said the town’s single-audit requirement, triggered by federal American Rescue Plan Act funds, found the town compliant “in all material respects” for major federal programs.
On the consent agenda the board authorized the town treasurer to sign an engagement letter with Hinkle and Company to audit fiscal year 2025; the estimated fee in the engagement letter is $30,800 and the cost was appropriated in the 2026 budget, Reedavid said.
Several trustees praised staff work to complete overdue audits and to stabilize the finance office. Trustee comments emphasized that the findings rebut local social-media rumors about missing funds and noted progress in returning delayed property-tax revenue to the town’s coffers.
What’s next: The town will use the audited 2024 ending fund balances to help prepare the 2027 budget and will publish the 2024 audit documents on the Finance Department page and on the State Auditor’s website.
