Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
FY2025 audit: general fund down $3.8M; interfund reconciliation flagged
Summary
CBIZ presented an unmodified opinion on Trumbull’s FY2025 financial statements but noted a $3.8 million drop in the general fund balance, revenue shortfalls tied to tax appeals, and a significant reconciliation finding related to interfund activity.
CBIZ auditor Kyle Connors delivered the Town of Trumbull’s FY2025 audit on June 1, issuing an unmodified opinion while identifying several notable items in the financial statements.
Key figures from the presentation: the town’s general fund balance decreased by $3.8 million, leaving an unassigned fund balance of $26.8 million, which the auditor said represents 13% of the operating budget. Revenues were under budget by about $5 million, largely attributed to tax-appeal refunds; the town’s collection rate for current assessments was 99.1 percent. The town spent $2.9 million in ARPA funds in 2025, leaving about $300,000 deferred at year-end.
The auditor reported an unreconciled interfund activity finding: approximately $1 million of balance-sheet activity could not be reconciled initially and was recorded as an audit finding, later cleared by posting to the general fund. The WPCA fund and the golf fund showed operating variances of note.
Connors recommended continued cybersecurity training, vulnerability testing, and attention to interfund reconciliations as part of the town’s ongoing financial controls. The minutes record that the town remains well under the legal debt limit of $1.26 billion and that bond refunding actions were completed in 2024.
Council members asked about the interfund reconciliation and the specifics of the funds involved; the auditor said he could follow up with more detail to the council.
The auditors delivered the financial statements and supporting recommendations for the council’s consideration; the minutes do not record immediate formal action on the audit report itself.
