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Auditor: Bethels general fund strong, two minor findings noted
Summary
A contracted CPA told the Bethel board the towns 2023—24 financial statements show strong reserves and no modified opinion, but flagged two procedural matters to report to the Local Government Commission; the board accepted the audit unanimously.
The Bethel Board of Commissioners received and accepted the town's independent audit for the fiscal year ending June 30, 2024, after a presentation from CPA Mr. Redmond.
Redmond told the board the general fund had just over $3 million in cash and an unassigned fund balance of about $2.9 million. He said the town reported roughly $1.4 million in total revenues and about $1.2 million in total expenses, leaving net revenues that boosted the fund balance. Restricted cash of about $98,000 was tied to a power bill fund.
Redmond said the auditor issued an unmodified opinion, indicating the financial statements were presented fairly in accordance with generally accepted accounting principles for local governments. He told the board the audit would include two items to report to the Local Government Commission: a late submission of the audit document and carryover reconciliation issues stemming from earlier years' recordkeeping. He said the town should address those matters before the next audit cycle.
The auditor also reviewed grant-related balances: the town had received $513,000 in American Rescue Plan Act funds and reported spending about $160,000 of that as of January 2024; the town has a $500,000 State Capital Infrastructure Fund grant with about $232,000 unspent at June 30, 2024. Redmond reviewed single-audit thresholds, noting state and federal thresholds for broader audit requirements.
After questions about what an audit entails and next steps for the LGC communication, the board voted to receive the audit. The motion carried unanimously.
