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Auditors report clean opinion on Southington's FY2024–25 financial statements
Summary
CliftonLarsonAllen presented an unmodified (clean) opinion on the town's FY2024–25 financial statements and clean federal/state single audits; auditors highlighted fund balances, MERS and OPEB liabilities, and recommended strengthening year‑end close processes after turnover in finance staff.
CliftonLarsonAllen presented its audit of the Town of Southington's fiscal year ending June 30, 2025, and issued an unmodified (clean) opinion on the town's financial statements.
"You received an unmodified opinion," auditor Leslie Zall said, noting that the federal single audit and state single-audit opinions were also unmodified and that there were no material weaknesses or significant deficiencies reported. Zall summarized several key figures presented to the board: governmental activities net position of about $146,000,000; business-type (enterprise) net position near $92,400,000; a general fund unassigned fund balance of approximately $35,400,000 (about 17.7% of year-end general fund revenues); and a MERS liability allocation near $67,600,000 with MERS funded at about 72.85%.
Zall also flagged two items for board attention: an expectation to strengthen fiscal year-end close timing (the audit was late this year after turnover in the finance office) and significant accounting estimates tied to the OPEB liability and incurred-but-not-reported health claims. She recommended continued efforts to shore up the fiscal-year-end process so the town can issue its ACFR on time.
