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Auditors give Westerly a clean opinion; town fund balance grows, single‑audit shows no federal findings
Summary
External auditors told the Westerly Town Council they issued a clean (unmodified) opinion on the FY2025 financial statements, reported no instances of fraud, and expect no single‑audit findings; management noted total fund balance rose and unassigned fund balance stands near $24–30 million depending on classification.
Auditors from CB CPA's PC presented Westerly’s annual comprehensive financial report to the town council on April 6 and said they have issued a clean (unmodified) opinion on the FY2025 financial statements.
Jim Wilkinson, a shareholder at CB CPA's PC, told the council the auditors found no instances of fraud or illegal acts during their procedures and did not identify material uncertainties. He said a carry‑forward finding from the prior year related to the timeliness and completion of account reconciliations had been largely resolved and management will present a corrective action plan in the final report.
Management reported strong balances and collection performance: the presentation noted total fund balance of about $30.1 million and unassigned fund balance figures cited in discussion at roughly $24.5 million (transcript discussion included figures of $24M–$30M as staff read headlines). Officials told the council the town’s OPED funding ratios and police pension funding improved in the reported year.
Wilkinson also summarized the single‑audit procedures for federally funded programs and said auditors did not anticipate compliance findings; he cautioned that notes 10 and 11 (pensions and OPEB) are significant disclosures with material assumptions and estimates.
The council praised staff and the town manager for the financial position while urging continued attention to reconciliations and internal controls.
