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Bristol council accepts FY2025 audit; auditors issue clean opinion, flag one internal‑control issue
Summary
The Bristol Town Council accepted the FY2025 audited financial statements after a presentation by CLA that delivered an unmodified (clean) opinion, noted one significant deficiency in internal controls related to cleanup items, and reported modest increases in fund balances and no federal compliance findings on tested grants.
The Bristol Town Council voted June 3 to accept the town’s FY2025 audited financial statements after a presentation from CLA audit principal Steve Gross.
Gross told the council CLA issued “a unmodified or clean opinion” on the town’s financial statements and reported one significant deficiency in internal controls over financial reporting that auditors characterized as cleanup items carried from prior years. He said auditors do not expect the finding to persist beyond the current year.
The audit presentation highlighted that the town’s governmental fund balances rose in FY25 (about $219,000 in the general fund and roughly $737,000 in other funds, a combined increase just under $1 million), noted a $2.8 million bond issuance used for capital projects, and described a $555,000 negative change in net position in the enterprise (shore) fund tied to council-authorized capital transfers. Gross also said tests of federal awards — principally ARPA and CDBG programs — supported a clean federal-single-audit compliance opinion for the items tested.
Council members asked technical questions about compensated‑absences accounting and negative balances in some funds. Gross explained that changes to how compensated absences are estimated produced restatements tied to historical usage and payout policies; town staff said several negative fund balances were timing issues tied to drawdown reimbursements from Rhode Island Infrastructure Bank and state reimbursements and that many were resolved in FY26 or will be closed out administratively.
Mayor (Chair) and councilors praised town staff and the auditors, noting the improvements in fund balance and the absence of a management letter. After discussion, Councilor Tim moved and Councilor Tony seconded a motion to accept the financial statements “as presented”; the motion carried on a voice vote.
Next steps: staff will continue work to clear the cleanup items auditors flagged, and the administration reported a small remaining ARPA balance that must be spent by December 2026 to avoid forfeiture.
