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Spencer audit: clean opinion but general fund balance falls below state benchmark
Summary
The town’s FY2023–24 audit returned an unmodified (clean) opinion but recorded a general fund balance at 28% of expenditures — under the 34% benchmark — triggering a required response to the Local Government Commission and prompting board discussion of corrective steps.
The Board of Aldermen heard the town’s FY2023–24 audit report and was told the financial statements received an unmodified (clean) opinion, while the general fund balance dropped to about 28% of expenditures, below the 34% threshold the state tracks.
T. D. Hill, senior audit manager for RHCPA, told the board the audit found no material weaknesses but identified one significant…
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