Green Mountain Falls trustees accept clean 2023 audit despite restatements and control recommendations

Kyle Logan of Logan and Associates told the Board of Trustees that the firm issued an unmodified opinion on Green Mountain Falls' 2023 financial statements. "The town received an unmodified opinion," Logan said while reviewing the audit packet and key figures, including roughly $3.7 million in total assets and about $853,000 in unrestricted net position — "about 9 months worth of operations," he added.

Logan walked trustees through footnotes and a restatement tied to the Pikes Peak RTA loan and grant timing; he said some 2023 grant transactions and the loan needed to be recorded in 2022. He also presented a short management letter that described a material-weakness finding driven by the number and magnitude of audit adjustments and noted common small-municipality issues such as segregation-of-duties limits and occasional missing purchasing-card receipts. "It's just a characteristic of the way you're made up," Logan said, recommending compensating controls and more board review of reconciliations.

Trustee Don Walker pressed for clarity on why revenues decreased even as net position rose, and staff agreed to follow up with a detailed explanation. After discussion, the board moved, seconded and approved a motion to accept the 2023 audit report; the chair directed staff to submit the accepted audit package to the state so the town can pursue certain grant match programs that require an up-to-date audit.

The audit and management-letter items will remain part of the town's records for state review; Logan thanked town staff for their work resolving prior-period items. No penalties were announced; Logan said the state auditor may send a standard letter about the $35,000 budget overrun noted in the budget-to-actual schedules.