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Bonadio presents clean audit; Irondequoit hears financial report showing long-term liabilities and debt issuance
Summary
The Bonadio Group delivered a clean (unmodified) audit for 2025 and Comptroller Diana presented May 2026 financials noting $60M in capital assets, $3.5M restricted net position, a negative unrestricted net position driven by long-term obligations, and issuance of about $11M in long-term debt to replace BANs.
The Bonadio Group told the Irondequoit Town Board on June 16 that its 2025 financial statements earned an unmodified (clean) audit opinion and that its audit procedures included the single audit, state DOT funding review, and examination of the police evidence room.
Randy of the Bonadio Group reviewed the town’s financial picture: about $60 million is invested in capital assets (equipment, buildings, vehicles), $3.5 million is held in restricted net position, and the town’s unrestricted net position appears negative on a government-wide basis because long-term obligations — including pension and other post-employment benefit liabilities — are recognized now though payable in the future. He told the board that the presentation of those liabilities does not imply immediate insolvency but affects the government-wide statement of net position.
Randy also noted the town issued approximately $11 million in long-term debt this year to replace prior bond anticipation notes. He described revenues as roughly 66% general revenues (property, mortgage and sales taxes) and 34% charges for services and grants, and showed a multiyear trend: cash decreased from about $27 million in 2023 to about $19 million in the most recent year largely because ARPA funds were spent down.
Later in the meeting, Comptroller Diana presented the May 31, 2026 financial report: combined actual and encumbered expenses of $19,121,000 (42.2% of budget) and general fund expenses of $11,966,000 (40.9% of budget). She reported real estate tax collections at 100% of budget to date and a drop in sales tax receipts of 24.3% from the prior year for the quarter. Town-wide revenue and appropriated fund balance received to date totaled $31,532,000 (70% of budget).
Board members had no further questions about the audit presentation; the board moved and approved acceptance of the financial report by voice vote.
No internal control deficiencies were reported by the Bonadio Group in its presentation.
