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Oldtown finance staff reports clean 2024 audits; revenue and tax collections broadly on track
Summary
Finance staff told the committee the 2024 regular audit and federally required single audit (triggered by more than $750,000 in federal and airport funding) returned clean reports; staff also outlined October transfers, a $151,000 debt service transfer and that roughly 56% of receivables have been collected so far this fiscal year.
Danielle, a finance staff member, told the finance committee on Nov. 17 that both the city’s 2024 regular audit and the federally required single audit were completed with no errors identified. “We have a clean single audit and we have a clean audit for 2024,” Danielle said, noting the single audit was required because the city spent more than $750,000 in federal ARPA and airport funds.
The finance director said the city has already started the 2025 audit and expects work to wrap up by December. She highlighted a $151,000 economic development transfer made in October to cover scheduled interest and principal payments on the city’s Global Secure building loan, and described October as otherwise routine.
Committee members asked about property tax collections and timing. Danielle explained that the city has recorded 104.69% of billed property tax revenue for the year (the full amount billed) while actual collections on accounts receivable are roughly 56% to date. “We have 6,173,000 of uncollected taxes for this year,” she said, adding that current collection levels are roughly in line with historical patterns.
Members also questioned higher utilities spending under parks and cemetery operations; staff traced the variance to water and sewer charges tied to the seasonal splash pad and said the October bill accounted for the spike. On cemetery financing, members asked how much of lot-sale revenue is reserved for future maintenance; Danielle said she would check the precise reserve percentage and report back.
On expenditures and capital planning, Danielle said the city has begun distributing its capital request list to department heads, with return deadlines in late November to support FY26 budget development.
The committee did not take formal policy action beyond the routine acceptance of the audit and financial report; staff committed to follow up on cemetery reserve details and to continue work on the 2025 audit.
