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Town finance staff report clean audit, stronger fund balances
Summary
Finance staff told the Financial Advisory Board the Town of Highland Beach closed FY2025 with a clean audit and stronger net position; staff highlighted $33.9 million in net position and a $10.3 million general fund balance, while cautioning reserves are earmarked for capital and emergencies.
Susie Matthews of the town finance department told the Financial Advisory Board that auditors issued a clean opinion on the town's FY2025 financial statements and that the community's finances remain healthy. "Our financial statements are fairly stated in all material respects," Matthews said, summarizing the auditors' conclusion.
Matthews said the town's net position across all funds rose to $33.9 million as of Sept. 30, 2025, an increase staff described as roughly $4.5 million (about 15% year over year). She told the advisory board the general fund balance ended the fiscal year at about $10.3 million, an increase of roughly $1.96 million from the prior year, supported by property-tax growth and investment income.
The presentation broke the results down by fund. The building fund ended the year near $4.36 million, driven by permit activity and interlocal revenues from Gulf Stream. The water and sewer enterprise funds reported increases tied to recent rate adjustments and interest returns, and staff reported adding roughly $1.2 million of capital assets in the year.
Matthews also reviewed the auditors' single minor finding: some development-related fees were expensed rather than capitalized when they should have been carried as construction-in-progress until project completion. She said staff will correct the treatment in future financials.
Board members praised the work and asked a few follow-up questions about the timing of audits and the one minor capitalization issue. Matthews and town staff said last year's findings were cleared and that the town aims to conclude future audits earlier in the year to support budget work.
The advisory board also was briefed on the town's accounting practice of restricting portions of fund balance for disaster recovery, a fire-rescue sinking fund and other policies; staff emphasized that only a portion of the $12 million in reserves is unassigned and available for discretionary use.
