Auditor reports improved 2024 audit; flags presentation and payroll documentation notes

Craig, the town's external auditor, told the Oakland Town Council the 2024 audit was "really good" and improved over last year, with only a few minor recommendations. He said the primary issues were presentation items, not reportable findings: the bank reconciliations were supported by data but not presented with the full outstanding checks in a single month and a few payroll documentation notations should be clarified.

Craig walked the council through key statements in the audit packet, saying the financial statements present the town's activity on a full-accrual basis to account for fixed assets and liabilities. He noted the general-fund unassigned carryforward balance was reported at roughly $2.0 million and that the sewer fund showed a reported operating gain last year that contributed to a positive net position for that fund.

Council members asked for a correction to management's discussion wording on long-term loans and leases; the manager and auditor said the numbers were correct and the wording (attributed in the draft to Cheryl) would be fixed. The auditor said printed, spiral-bound copies of the final audit would be provided to councilors.

The council did not take formal action on the audit other than to accept the presentation and open it for questions; staff said they will correct presentation wording and provide the final package.