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Auditors give Avon a clean FY2025 audit; Board raises OPEB return questions
Summary
CliftonLarsonAllen presented the 2025 ACFR and reported an unmodified opinion with no findings on federal or state single audits. Board members asked for follow-up on why Board of Education OPEB returns exceeded Town returns.
David Flint of CliftonLarsonAllen (CLA) presented the Town’s Annual Comprehensive Financial Report for the year ended June 30, 2025. Flint told the Board the town received a 100% clean report and an unmodified opinion on the financial statements; CLA reported no internal control or compliance findings for federal or state single audits.
Board members questioned differences in investment returns between the Town’s pension/OPEB plans (shown around 10% in slides) and Board of Education plans (higher returns shown on slides for several recent years). Houston Putnam Lowry suggested the BOE plan’s returns may reflect higher risk and asked whether CLA measures beta; Flint said CLA does not track beta as part of the engagement and Tom DiStasio said he would follow up with the investment advisor and actuary to clarify timing and calculation effects.
