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Village auditors give clean opinion and report $6.6 million budgetary surplus
Summary
Auditors from TKRF O'Connor Davis told the Village of Mamaroneck Board of Trustees they issued an unmodified ("clean") opinion for the fiscal year ended 05/31/2024, reported a $6.6 million favorable variance versus the final budget and a net $716,000 increase in general fund balance; they said about $1.748 million of the revenue improvement reflected federal reimbursements (ARPA and FEMA).
Jeff Shaver, a partner at TKRF O'Connor Davis, told the Board the firm had issued an unmodified opinion on the village's financial statements for the fiscal year ended 05/31/2024, describing that as "the most favorable opinion that you can receive."
Shaver said the village posted a $6.6 million favorable variance between actual results and the final budget and that, after accounting for planned appropriations and carryover purchase orders, the net increase in the general fund balance for the year was $716,000. He reported the village's unassigned fund balance was 31.7% of the next year's budget as of 05/31/2024.
Auditors identified federal reimbursements as a notable, partly nonrecurring driver: "There was 1,748,000 of federal aid recognized," Shaver said, adding that about $500,000 related to ARPA and roughly $1.2 million to FEMA storm reimbursements. Chris Koff, another partner on the engagement, cautioned trustees that some revenue and expenditure variances were nonrecurring and advised the board to confirm which savings will persist in future years.
Trustees asked routine clarification questions about the fiscal-year dates and the timing of ARPA reporting; auditors confirmed the figures covered the fiscal year ended 05/31/2024 and noted the single-audit and ARPA closeout reporting contributed to a later presentation schedule. Auditors also reviewed major spending categories, calling out rising health insurance and retirement costs as persistent pressures and noting the capital projects fund carried an $8,431,000 deficit that staff expects to address through bonding.
The presentation concluded with auditors offering to return for follow-up questions and noting there had been no identified fraud, no disagreements with management and no uncorrected misstatements in the audited financial statements.
What's next: Trustees and staff will incorporate these figures into the 2024-25 planning and debt discussions; no formal board action on the audit opinion was required at the work session.
