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Aberdeen posts strong preliminary FY2024‑25 finances; auditor issues unmodified opinion
Summary
Finance Director Butch Watson reported FY2024‑25 preliminary figures showing revenues above budget in several categories (building permits, system development fees, sales tax), while auditor Misty Watson presented an unmodified FY2023‑24 opinion; the audit included two internal control findings related to journal entries.
The Aberdeen Town Board heard an optimistic financial update and an independent auditor's report at its Aug. 25 meeting.
Finance Director Butch Watson presented preliminary Fiscal Year 2024‑25 results showing overall revenues above budget. Watson reported General Fund revenues of about $16.6 million versus a $15.0 million budget (110.48% of budget) and noted several line items that finished above projections: building permits (187.36% of budget), utilities franchise tax (118.34%), Powell Bill receipts (126.89%), and system development fees for water and sewer that exceeded expectations. Watson said total deposits and investments increased by $3,250,157.37 for the fiscal year.
Auditor Misty Watson told the board the FY2023‑24 audit resulted in an unmodified opinion. She said the General Fund increased by $484,632 and that the unassigned fund balance totaled $6,361,366 (40.3% of general fund expenditures). Ms. Watson reported strong investment earnings ($604,794) and net water and sewer results of $310,258. She also identified two internal control findings: over‑expenditures in the Sanitation Department ($260,842) tied to a lease journal entry, and a $167,260 journal entry issue in the Water and Sewer Capital Reserve; Ms. Watson characterized the town's overall controls and staff responsiveness as strong.
Manager Paul Sabiston noted the FEMA public assistance claim remains in administrative review and the total claim presented was just over $2 million for town losses. The board had no further action on the audit at the meeting; the audit was accepted and the presentation recorded in the minutes.
Director Watson also delivered a brief look at early FY2025‑26 activity through July 31, 2025, noting timing effects on collections for property taxes and other annual revenues and providing a snapshot of month‑to‑date activity.
