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Aberdeen posts surplus in FY24 cash results; audit returns clean opinion
Summary
Town finance staff reported FY24 cash-basis revenues above budget, producing roughly $2.41 million net income in the general fund and about $945,000 in the water/sewer fund; the contracted auditor delivered an unmodified (clean) opinion and noted a small number of accounting findings to correct.
Aberdeen town staff and the contracted auditor presented year-end financial results and an audit summary at the Aug. 25 meeting.
Finance director Butch Watson told the board general-fund revenues on a cash basis were about $16,585,000 with expenditures of $14,174,000, producing a cash-basis net income of roughly $2,410,000; water and sewer revenues were about $5,487,000 with net income near $945,000. Watson highlighted that numerous revenue categories exceeded budgeted expectations, including property tax, motor-vehicle tax and franchise revenues. He said combined net income across the town's main operating funds was approximately $3.36 million on a cash basis.
Watson warned that the town has pending FEMA claims for public-facility damage totaling more than $2,000,000 and that reimbursements could take weeks or months to finalize.
Auditor Misty Watson told the board the FY24 audit received an unmodified (clean) opinion. "The town did receive unmodified opinion, which is a clean opinion," she said, and she reported the unassigned general-fund balance at about $6.3 million, approximately 40% of general-fund expenditures. The auditor noted two internal-control findings—an overexpenditure in the sanitation department (reflecting accounting for a lease standard) and a missing budget transfer in the water and sewer capital reserve—but characterized these as accounting entries rather than cash shortfalls.
Board members thanked finance staff and the auditor. No formal action was required; staff said accounting adjustments and any necessary budget amendments would be presented as they move forward and that FEMA reimbursement would be tracked as claims are processed.
