Auditors report no significant deficiencies; Fairport Electric base rate rises 7.53%

An auditor presenting the village’s full‑year financial statements told trustees on Dec. 9 that the audit found no significant deficiencies, material weaknesses, or material noncompliance that would affect the village’s financial statements.

"We did not identify any significant deficiencies or material weaknesses over your financial reporting processes, nor do we identify any material noncompliance that would affect those financial statements," the auditor said.

The presenter noted the village did not require a federal single audit for the year and explained the single‑audit threshold applies to total federal awards; staff later said the village expects to have reportable federal awards next year given planned projects. The presenter reported the village repaid about $260,000 in long‑term debt and that the pension system was well funded (approximately 90% as of the period ending March 31, 2024).

Trustees and staff also discussed Fairport Electric. Staff described capital‑driven spending (street resurfacing, sidewalk work and electric plant investments), the implementation of an AMI meter system, and substation upgrades. Village staff said a 7.53% increase in the base rate for Fairport Electric took effect in December, with a planned 2.1% increase for the second year to cover basic operating and personnel costs.

Village Manager White and trustees praised the finance team’s work and noted monitoring of accounting standard developments that could affect reporting. The audit presentation was informational; no action was required and trustees did not move a formal approval of the audit at the Dec. 9 session.