Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Auditors give Hochatown a clean modified-cash audit; board accepts report
Summary
Michael Green CPA's audit manager presented a clean opinion on Hochatown's FY 06/30/2025 modified-cash financial statements, noting $8.8 million in bank cash and no material weaknesses; the board accepted the audit.
Jack Roy, audit manager with Michael Green CPA, presented the town's fiscal audit for the year ending June 30, 2025, and reported a clean (unmodified) opinion on the modified-cash-basis financial statements. “In my opinion, the modified cash basis financial statements referred to above present fairly in all material respects,” Jack Roy said, noting the town showed roughly $8.8 million in cash at year-end and no identified material weaknesses in internal controls.
Roy explained items for attention that were not material to the opinion: the audit filing deadline (state statute calendar timing), a payroll tax correction related to seasonal bonuses, and an interpretation around a donation that requires an exchange-of-value accounting workaround. Trustees discussed growth-driven needs for improved accounting systems and segregation of duties as the town's revenues and operations scale. The board moved to accept the audit as presented; the motion carried on roll call.
The auditors recommended the town plan for a transition from modified cash to full GAAP presentation when operations and funds expand. Staff agreed to work with the auditors and counsel to finalize filing and address the small payroll and donation items noted in the auditor communications letter.
