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2024 audit finds Castle Hill has $298,221 in undesignated funds; audit in compliance
Summary
An independent auditor reported the town—ompleted the 2024 audit in compliance with Government Auditing Standards and that Castle Hill has $298,221 in undesignated funds, equal to 36.7% of general fund expenditures.
Tim Poitras of the auditing firm Chester M. Kearney presented the Town of Castle Hill'024 financial audit via Zoom on April 9, reporting the audit was completed and was "in compliance with the Governmental Auditing Standards." Poitras told the Select Board the town "now has $298,221 in undesignated funds or 36.7% of total general fund expenditures."
The presentation was given at the Select Board—usiness meeting attended by Chair Herman Condon, Select Board members Shari Cheney, Maylen Kenney and Ryan Spooner, and town staff including Town Manager Sandra Fournier and Treasurer Lisa Foster. The audit presentation did not include a board vote to accept the audit during the meeting record; board members acknowledged the report during the meeting record.
Why it matters: the undesignated fund balance is a commonly used liquidity measure for municipal finances; holding roughly 36.7% of annual general fund expenditures as undesignated reserves is a material indicator for budgeting and credit-rating considerations. There was no additional action recorded on the audit at the April 9 meeting, and the town did not announce follow-up steps or schedule a formal acceptance vote in the minutes.
