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Town to receive roughly $2.6 million after DePaulo School audit closeout
Summary
Finance staff reported the DePaulo School audit (open since 2017) was closed with ineligible costs reduced from $1,663,000 in the draft to $314,000 in the final review; the town expects about $2.6 million to be returned, and finance will confirm where those funds will be posted.
Chrissy of the finance department told the Board that the long-running DePaulo School audit has been closed and produced a favorable result for the town.
"When we received the draft final audit report, it came in that we had 1,663,000 in ineligible costs. So our department worked very diligently ... and we got that $1,600,000 number down to 314,000," Chrissy said. She reported the final audit will return about $2,600,000 to the town. Chrissy said the town has approximately $1,000,000 already booked in accounts receivable and that she was still researching whether the recovered amount will return to the general fund or be used for another designated purpose.
Board members praised the finance staff's detailed work reviewing records and meeting minutes to reduce the ineligible cost finding and close the file. Chrissy said she will update the board next month with how the recovered funds will be allocated in the town's accounts.
