Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Finance director reports audit scheduling delays; staff say reconciliations underway and preliminary fund-balance returns estimated
Summary
Town finance staff told the board auditors have requested documentation and scheduling has been constrained; preliminary reconciliations indicate about $1 million returning to fund balance this year and up to $2 million over a two-year span once reconciliations and audit work finish.
Town finance staff briefed the Board on Oct. 7 about the status of the external audit and budget reconciliations. Staff said auditors have asked for documents and scheduling them has been challenging, delaying final audit work; the town is compiling bank reconciliations and other files to expedite the process.
The finance update included preliminary figures showing approximately $1 million being returned to fund balance for the current year and up to $2 million when comparing activity across the two-year period covering fiscal years 2023–24 and 2024–25, once reconciliations and audit review are complete. Staff emphasized continued work with department heads to review budgets and year-to-date reporting.
Board members thanked staff for the work and urged completion as quickly as possible; the chair noted that delays reflect both inherited bookkeeping issues and the additional questions new auditors may raise when they review processes previously handled by long-serving auditors.
No formal votes were taken on the audit report; staff said they will continue to provide updates as reconciliations are finalized and auditors complete their review.
