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Auditors give Cheraw a clean FY2024 opinion; council hears fund variances and grant influx
Summary
An independent auditor told the Cheraw Town Council the town\'s FY2024 financial statements received an unmodified (clean) opinion and reported a roughly $500,000 operating surplus driven in part by unexpected revenues and grant receipts; council members asked for follow-up details on capital outlays and water/sewer fund performance.
Bill Hancock of the Bry Ham Group told the Cheraw Town Council that his firm issued a clean (unmodified) opinion on the town\'s FY2024 financial statements after an examination of internal controls and compliance. "You got a clean opinion," Hancock said, adding the audit found no instances of material noncompliance needing disclosure.
Hancock walked the council through the highlights: the town budgeted about $121,000 for capital outlay but spent roughly $831,000 because of unplanned equipment replacements; overall the town finished with about a $500,000 surplus on an approximately $8 million budget. He also said the water and sewer fund produced operating income of about $650,000 on roughly $5.5 million in revenues and that grant receipts of nearly $2.2 million materially increased the town\'s fund position.
The presentation emphasized two formal audit communications: the auditor\'s opinion on internal controls over financial reporting and the review of the town\'s compliance with applicable laws and grant terms. Hancock told the council the firm did not find reportable instances of payroll-tax, withholding, or grant compliance failures during the work performed and offered to answer follow-up questions or supply additional documentation.
Council members thanked staff, including a staff member identified as Tina, for the financial work that produced the favorable result; Hancock offered to provide additional detail to council or staff if needed. The audit presentation concluded with Hancock being excused to return to his office.
The council did not take a formal vote related to the audit presentation; the session moved on to recognitions and the evening\'s public hearing.
The next step: council members who want detailed line-item follow-up were invited to contact the auditor or town staff to request supporting schedules or clarifications.
