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Sharpsburg council accepts FY24 audit showing $137,771 favorable variance
Summary
The Mayor and Council accepted the town's FY24 audit presented by SEK, which reported a $137,771 favorable net budget variance and total assets of $1,325,946. The auditor credited Town Administrator Debra Smith for improvements that produced no management or discrepancy statements this year.
The Sharpsburg Mayor and Council voted Nov. 4 to accept the town's FY24 annual financial audit presented by Erin Clark of SEK.
Clark told the council the General Fund recorded a favorable net overall budget variance of $137,771, with expenditures $87,929 under budget and revenues $49,842 above budget. She said the town's total assets were $1,325,946, including $47,322 restricted for Hotel/Motel tax and $47,309 restricted for Highway User Revenues. "This was the first year that the town has not received any Management or Discrepancy Statements," Clark said, and she thanked Town Administrator Debra Smith for her efforts.
Councilmember Ed Beeler moved to approve the FY24 audit as presented; Councilmember Robbie Waters seconded. The motion carried.
Nut graf: The audit indicates a stronger-than-budgeted fiscal position for FY24 and no reportable internal-control comments from the auditors. That reduces near-term risk related to audit findings but does not itself change policy; the council retains oversight responsibility for budget and reserves.
The meeting also approved the Oct. 2024 financial report earlier in the agenda. The minutes do not record a roll-call tally for the audit approval motion; the motion was recorded as "carried."
