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Sterling Board of Finance accepts clean audit; general fund at $5.071 million
Summary
The Sterling Board of Finance on March 25 unanimously approved a clean audit showing a June 30, 2025 general fund balance of $5,071,000 (about $4.5 million unassigned). The audit noted two findings and requires a corrective action plan to be filed with OPM.
The Sterling Board of Finance unanimously approved the townaudit March 25 after an audit presentation summarizing the municipalityfinances. Jason Cody presented the audit and reported a June 30, 2025 general fund balance of $5,071,000, of which roughly $4.5 million is unassigned; the equipment fund holds about $1.2 million, while the combined water and sewer funds show a deficit of $346,000 funded from the general fund.
Cody told the board the Town came in under budget by $58,000 and had a positive revenue variance of $328,000. The audit included two findings: deficiencies related to bank reconciliations and an elevated number of journal entries. The board was told a corrective action plan must be prepared and submitted to OPM.
Board member Neil Delmonico moved to accept the audit as presented; Tracie Adams seconded. The motion passed on a voice vote, 6-0. Minutes record the vote as unanimous; no individual roll-call tallies were provided.
Why it matters: the auditclean opinion and the size of the unassigned general fund provide the board and residents a snapshot of the townfiscal flexibility heading into the next budget cycle. The identified findings require administrative follow-up; the board directed that the corrective action plan be completed and sent to OPM as required.
