Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Youngtown accepts clean FY2025 audit, approves revenue projections and names Town Manager as CFO
Summary
The Youngtown Council accepted a clean FY2025 audit, reviewed revenue projections for FY2026-27 and designated Town Manager Brian Stutsman as the town's Chief Financial Officer as it moves toward tentative and final budget adoption.
The Youngtown Common Council on May 7 accepted a clean fiscal year 2025 financial audit, reviewed revenue projections for FY2026-27 and approved a resolution designating Town Manager Brian Stutsman as the town's Chief Financial Officer for FY2026-27.
Matt Bingham of Colby & Powell, PLC told the council the single-audit of federal funds — principally the Community Development Block Grant (CDBG) — found no instances of noncompliance or deficiencies, yielding “a clean opinion on the single audit.” He reported the town's total net position as of June 30, 2025, was slightly over $28 million, with about $12.1 million invested in capital assets, $3.1 million restricted (largely HURF for streets) and $12.7 million unrestricted, which Bingham said is approximately 1.6 times the town’s annual expenses.
Finance analyst Penny Malia presented the town’s fiscal status through March 31, 2026, saying General Fund year-to-date revenue totaled $5,391,184 (about a 0.56% decrease from FY25) and expenditures totaled $5,330,532 (about 19.24% higher than FY25). She reported several revenue lines exceeding a nine‑month benchmark of 75% of budget, including local sales tax at 85.79%, utility franchise fees at 89.53% and passport revenue at 150.4%. Highway User Revenue Fund (HURF) receipts totaled $608,457 (74.64%). Malia also reported combined cash balances of $16.56 million across PNC Bank and the State Treasurer's Local Government Investment Pool.
The council voted unanimously to accept the audit report, approved the revenue projections and passed Resolution 2026-04 designating Brian Stutsman as CFO for FY2026-27. Malia outlined the next budget milestones: expenditure projections on May 21, tentative budget adoption on June 4 and final adoption on June 22.
Councilmembers asked clarifying questions about the scope of the single audit and about fund balances. Bingham emphasized the single-audit focused on the major federal program (CDBG) and that the Yellow Book review addressed other compliance matters; he reported no material compliance concerns.
The council's action keeps Youngtown on the schedule for adoption of the FY2026-27 budget later this month and in June.
