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Paragonah receives unqualified audit for FY2025, auditor reports
Summary
Town Auditor Caleb Rees told the Paragonah Town Board the FY2025 financial audit returned an "Unqualified Opinion," indicating the town's statements were accurate under GAAP; the auditor said the General Fund covered expenses and the Water and Electric funds were profitable.
Town Auditor Caleb Rees reported to the Paragonah Town Board on Feb. 11 that the town's 2025 fiscal-year audit received an "Unqualified Opinion," the most favorable result an auditor can issue. Rees said the opinion indicates the financial statements were accurate, complete and fairly presented in accordance with Generally Accepted Accounting Principles.
Rees told the board the town complied with the three required state steps for municipal budgeting — setting a budget, notifying the public and remaining within the budget — and reviewed fixed-asset details noted on pages 37 and 38 of the audit report. He said the General Fund's revenues were sufficient to cover expenses and that the Water and Electric funds were both profitable for the year.
The auditor encouraged continued vigilance in vetting new vendors and monitoring internal controls; he noted the town's current controls include monthly invoice approvals by the Town Board. No board member asked follow-up questions at the meeting.
The audit will remain on file with the town clerk as part of the town's financial records. The board took no formal vote on the audit at the meeting beyond accepting the report into the record.
