Town auditors give clean opinion; council moves cash into PTIF reserves

The town council heard from the auditors, who reported an unmodified — "clean" — opinion on the town's 2025 financial statements and said they found no material weaknesses, significant deficiencies or compliance findings.

The auditor told the council the town's government‑wide net position stood at about $2.9 million as of June 30, 2025, a modest increase of roughly $117,000 from the prior year. The auditors noted the town still carries about $1.9 million in outstanding bonds and paid down roughly $95,000 of that during the year.

Councilmembers welcomed the results and thanked staff for their accounting work. The auditors also highlighted a bookkeeping safety issue: several town checking accounts temporarily exceed FDIC insurance limits. Staff recommended moving excess cash into the state Public Treasurer Investment Fund (PTIF) accounts and consolidating loan reserve balances into designated PTIF reserve accounts to both earn higher interest and reduce uninsured deposit exposure.

Councilmember (speaker 7) moved that staff be authorized to reduce on‑deposit cash to FDIC limits (with a working example limit of $250,000) and to establish PTIF loan reserve accounts as needed to meet lender and internal requirements. The motion passed unanimously.

Staff said the PTIF move will allow the town to label required loan reserves (separately identifying the town's obligations for specific loans) and to earn modestly higher returns than checking accounts, while maintaining ready access to funds if debt payments become due. Staff will return with the formal account setup and resolution language for administrative implementation.