Auditors give Vienna a clean FY2025 opinion; council approves bond advisers and counsel payments

The town's FY2025 annual comprehensive financial report received a clean (unmodified) audit opinion from Robinson, Farmer & Cox, the auditor reported to the Vienna Town Council on Dec. 8. Mike Moran, partner at Robinson, Farmer & Cox, told the council that auditors did not identify any material weaknesses or significant deficiencies in internal control or in single-audit compliance. He summarized key figures: governmental net position of roughly $57.17 million, business-type net position about $32.0 million, and a total governmental fund balance of $21,243,666 with $6,057,996 unassigned.

During and after the finance presentation, council members asked for clarification about the composition of fund balances and the meaning of "unassigned"—auditors and finance staff explained it is the portion not committed to specific projects and that it typically serves as a savings/rainy-day reserve. Finance staff noted that the unassigned fund balance equated to about 18% of next year's expenditures, above the GFOA recommended minimum of roughly three months (about 15%).

Later on the agenda, the council approved appropriations to pay professional advisors for the 2025 bond issuance. The council voted to authorize up to $104,000 to Davenport & Company as the town's financial adviser and up to $75,000 to MaguireWoods LLC as bond counsel. Several council members raised procedural questions about approving fees after the work had begun and the justification for sole-source relationships; staff and the town attorney said that bond work had been authorized in earlier steps, the bond award occurred Dec. 2, and certain legal and advisory services are commonly procured via standing relationships for specialized work.

Council member Anderson voiced concern about sequencing and asked staff to ensure future fee proposals are presented earlier; other members said timing in prior bond issuances had followed a similar pattern and that fees are typically contingent on the bond closing. The motions to appropriate the advisory funds passed on recorded votes.

What happens next: The town will pay advisers upon completion of their contractual obligations and after bond closing; finance staff said they would review timeline options to provide earlier notice of fee approvals in future issuances.