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Mead audit: independent auditors give clean opinion; net position up $13.2M in 2025
Summary
Auditors issued an unmodified (clean) opinion on Mead's 2025 financial statements and found no new findings; the town's net position increased about $13.2 million in 2025 largely due to grants, and the sewer enterprise reported a $164,000 operating loss offset by tap fees.
DMC Auditing’s lead auditor said the firm obtained reasonable assurance and issued an unmodified opinion on the Town of Mead’s 2025 financial statements, meaning the statements “represent fairly in all material respects,” the auditor reported to the board. The firm also noted that the town met the threshold for a single audit because federal awards exceeded the $1,000,000 threshold and that auditors performed compliance testing on federal grants.
Administrative Services Director Mary Sarath and financial consultant Lorraine Trotter highlighted key figures: net position rose by about $13,200,000 in 2025, ending governmental fund balances were about $27,000,000, and the general fund increased by roughly $503,000. The sewer enterprise showed a $164,000 operating loss that year, which was offset in the net position by tap fees intended for future capital needs. The auditors reported no current year findings and noted the town successfully cleared last year’s material audit adjustment.
