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Auditors deliver draft 2025 financial report to Southampton board; unmodified opinion expected, one minor tax-receiver adjustment noted
Summary
External auditors told the Southampton Town Board they expect a clean (unmodified) opinion on the draft 2025 financial statements, reported one minor adjustment to the tax receiver records, and said there were no material weaknesses or significant deficiencies in internal control.
Audit partners Dave Teller and Sean Omali presented highlights of the draft 2025 annual audited financial report to the Southampton Town Board and said the firm expects an unmodified opinion.
"We had no material weaknesses, no significant deficiencies," Teller told the board, and he and Omali said the audit work closed quickly after March fieldwork. The auditors reported a single, minor audit adjustment that affected the tax receiver books (not the town'level financial statements) and said a compliance issue related to a Department of Transportation filing had already been corrected before reporting to the audit committee.
Key figures: auditors summarized consolidated (townwide, accrual) balances of roughly $2 billion in total assets and deferred outflows, capital assets net about $1.5 billion, and total liabilities and deferred inflows of roughly $568 million. On a fund basis, total governmental assets were reported near $482 million with total fund balance just over $451 million; auditors said unrestricted (unassigned) general fund balance was about $24.7 million.
The auditors noted other items that affect fund-level presentation: proceeds from a $9 million bond issuance recognized during the year and growing restricted balances in CPF and a housing fund (the housing fund was reported at about $31 million at year end after the town began collecting a half-percent housing fee in 2023). Auditors said the content of the 2025 statements was similar to prior years and that the town remains on track to secure the Government Finance Officers Association reporting award for the prior year.
Board reaction and next steps: Board members thanked audit staff and controller's office staff; auditors said they would work with management on next-year accounting standard updates (notably GASB reporting changes) and finalize the report for approval. No significant control deficiencies were reported that require corrective action beyond standard follow-up.
Sources: Presentation by Dave Teller and Sean Omali, audit partners, and discussion with town controller's office staff during the Town Board meeting.
Ending: The board accepted the presentation and the auditors thanked staff for their cooperation; the draft report will be available for board review and formal action at a subsequent meeting.
