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Rye accepts clean FY2025 audit and approves $2.87M in new bonding for parks and infrastructure
Summary
Rye Town Council accepted a clean audit for fiscal year 2025 showing a $417,000 net decrease in general fund balance and an ending unassigned balance of about $3.7M (roughly 49% of budget). Council approved a multi-part bond package, adding approximately $2.872M in new borrowing to complete capital projects and cover funding gaps.
The Rye Town Council voted June 11 to accept an unmodified (clean) audit opinion for fiscal year 2025 and to authorize new bonding to finance a slate of capital projects.
Jeff Shaver, a partner with PKF O’Connor Davies, presented the audit and said auditors found no material weaknesses in internal control and no instances of fraud. Shaver summarized results for the town’s general fund: actual revenues of about $6.69 million (approximately $431,000 less than the adopted budget), actual expenditures just over $7.0 million (about $606,000 under budget), and a net decrease in fund balance of about $417,000. The town ended the year with total fund balance just under $4.4 million and an unassigned fund balance of about $3.7 million, roughly 49% of the 2026 budget — a level the auditor described as healthy.
Council then considered several bond resolutions covering projects with and without identified external funding. Staff reported the town has secured many grants that will offset most project costs (staff cited roughly $16.5 million in grant awards across projects), but a remaining funding gap requires new borrowing. The council authorized approximately $2.872 million in new serial bond issuances to cover outstanding projects, including an appropriation to support the town’s move to 111 Southridge and additional funding for the Otter Creek Bridge reconstruction.
On the Otter Creek Bridge, staff clarified that the town previously borrowed $1.44 million and that the packet includes an additional $259,000 increment to address anticipated higher cost estimates (the current working estimate discussed reached roughly $6.5 million for total project cost). Staff said the town expects to recover a portion of eligible costs from state reimbursements once bids are received; nevertheless, the council authorized borrowing in advance to ensure the town can proceed when construction is ready to be awarded.
All bond resolutions and the audit-acceptance resolution passed on roll-call votes with the council members recorded in the affirmative.
