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Village auditors issue clean opinion; Mamaroneck general fund rises nearly $1M
Summary
Audit partner Jeff Shaver reported an unmodified (clean) opinion for the fiscal year ended 05/31/2025, with general fund revenues above budget by about $2.3M and an increase in fund balance of $988,000 to about $19.3M; Shaver also flagged long‑term post‑employment benefit obligations that affect full‑accrual statements.
Jeff Shaver, partner at PKF O'Connor Davies, presented the audit of the Village of Mamaroneck for the fiscal year ended May 31, 2025, and said auditors issued an unmodified (clean) opinion on the financial statements. “We have rendered what's known as an unmodified opinion… the figures in the financial statements are fairly stated in all material respects,” Shaver told trustees.
Shaver highlighted a favorable variance between final budgeted revenue ($44,895,000) and actual revenues ($47,238,000), driven largely by nearly $2.0 million in federal aid and carryforward ARPA‑related amounts recognized in the year. He said final expenditures were lower than budget, producing an overall positive variance; the general fund increased by approximately $988,000, bringing ending fund balance to roughly $19.3 million.
On expenditures and reserves, Shaver noted underspending across several categories — law ($210,000), public safety ($405,000), and transportation ($433,000) among them — and said the village’s unassigned fund balance represented about 34% of the budget, higher than the board’s 30% policy floor. He described fund balance categories (restricted, committed, assigned, unassigned) and said the village’s position on the governmental‑fund basis is favorable.
Shaver also reviewed debt and long‑term liabilities, reporting total bonded debt outstanding of about $69.05 million including water and sewer bonds. He said stripping out water and sewer reduces the general‑fund‑supported portion to about $36.8 million and noted other long‑term obligations — chiefly other post‑employment benefits — are on the order of $75 million on a full‑accrual basis, which produces a negative net position on that statement but does not indicate insolvency.
Trustees asked whether water/sewer debt recourse exists to the general fund; Shaver said New York requires general‑obligation debt and that the general fund is a backstop, though system rates are normally expected to service water/sewer debt. Board members suggested clarifying presentation options in the final report (for example, showing debt both fully loaded and excluding enterprise funds) to aid comparisons.
Shaver said auditors found no illegal acts and no disagreements with management during the audit, and he recommended internal follow‑up on older receivables such as outstanding parking tickets.
The board did not take formal action during the work session; the audit report and detailed schedules will be available in the audit report and for the upcoming meeting record.
