Lexington audit: clean opinion, net position rises to about $226 million

Kendra Vandruff, a CPA partner with the Britingham Group, told the Town of Lexington council that the auditors issued an unmodified, or "clean," opinion on the town's June 30, 2025 financial statements and found no internal control deficiencies.

"The town received an unmodified or clean opinion," Vandruff said, adding the opinion represents the highest level of assurance and that auditors had "full and complete access to the books and records of the town." She said the town's total net position at June 30, 2025, was about $226 million, up roughly $28.1 million from 2024.

Vandruff attributed most of the increase to higher water and sewer revenue, property taxes, business licenses and capital grants and contributions. She said the town's reported net investments in capital assets were about $174 million and that capital assets rose by roughly $16 million year over year because of improvements to the combined waterworks and sewer system, street projects and park upgrades.

The financial section of the report includes the independent auditors' report, management's discussion and analysis, basic financial statements and notes. Vandruff noted that general revenues totaled roughly $23 million and that unrestricted net position was about $36 million at year-end.

The council had no questions at the conclusion of the presentation.

The audit presentation was made during the Feb. 17 work session; the council did not take a final vote on the audit during the work session, but the report will be available in the town's official records and discussed on the regular council agenda as appropriate.