SB & Company outlines FY2026 audit plan as Treasurer warns of revenue shortfalls

At the June 22 meeting, Tobi Hollander of SB & Company, LLC presented the planned scope for the Town of University Park's fiscal year 2026 audit.

Hollander said the engagement will cover an audit of the June 30, 2026 financial statements, preparation of the State Uniform Financial Report and delivery of recommendations and observations. She emphasized that the engagement is a financial‑statement audit rather than a fraud-specific audit, but that fraud risk will be assessed across key processes. Councilmembers asked for more interim communication during the audit process; Hollander said she would explore interim meetings and agreed to send her presentation slides to the Town Clerk.

Town Treasurer Carrina Bucknor presented the financial statement for July 2025 through May 31, 2026 and discussed revenue shortfalls. Bucknor said camera revenue is down compared with the cameras' first year and that the town likely will not meet the camera revenue budget target; red-light and speed-camera revenues are reported together and cannot be separated. Several June expenditures remained outstanding, including salaries, health insurance, Maryland State Retirement contributions and other vendor invoices. Bucknor noted the debt-service section reflects two outstanding bonds (a 2019 street-improvement/traffic-control bond and a second bond) and that the town purchased a leaf packer at approximately $32,000.

Council expressed interest in an audit-committee review of draft findings prior to full-council consideration; Hollander said some municipal clients use an audit committee and she would explore that approach with the Town.

No formal action was taken on audit scope or the Treasurer’s report at the June 22 meeting; both items will inform upcoming finance and audit work and potential future committee meetings.