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Dobbs Ferry trustees accept village's audited financial statements for fiscal year ending May 31, 2025
Summary
The Board of Trustees accepted BST's audit of the village's FY 05/31/2025 financial statements, which carried an unmodified opinion and reported no material weaknesses; the single audit covering ARPA expenditures found no compliance issues.
The Village of Dobbs Ferry Board of Trustees voted unanimously Jan. 13 to accept the village's audited financial statements for the fiscal year ending May 31, 2025, after a presentation by Jonathan Gibbs, partner at BST.
Gibbs said BST issued an unmodified opinion on the village's financial statements and identified no material weaknesses or significant deficiencies in internal control. He noted one immaterial, uncorrected misstatement arising from an invoice received after the year‑end close and said the firm obtained significant documentation including invoices, bank statements and payroll registers to support its testing. "This was a very, positive and successful audit for the village, as it has been in prior years," Gibbs said.
The auditor highlighted several year‑over‑year movements: the general fund balance decreased by about $650,000 to roughly $8.7 million; the capital projects fund decreased approximately $1.1 million driven by capital improvements including about $400,000 in street paving and roughly $910,000 in park maintenance; net position for governmental activities increased about $1.7 million due mainly to principal paydowns and capital additions estimated at $2.7 million. Gibbs also noted the village required a single audit because annual federal expenditures exceeded $750,000; the single audit addressed the Coronavirus State and Local Fiscal Recovery Funds (ARPA) and found no compliance findings.
Trustees commended village finance staff and noted that the village recently added an in‑office auditor position to assist ongoing work. Counsel reminded the board that recently enacted state requirements mean adopted financial statements should be posted on the village website; staff confirmed the statements are available online.
The resolution accepting the audit passed unanimously.
