Independent Audit Services

The vendor is required to provide audited the accompanying financial statements of the governmental activities and the general fund of the town as of and for the year ended june 30, 2024, and the related notes to the financial statements, which collectively comprise the town’s basic financial statements as listed in the table of contents.
- The accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and the general fund of the town as of june 30, 2024, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the states.
- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
- Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the town’s internal controls; accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the town’s ability to continue as a going concern for a reasonable period of time.
- The town’s real property tax rate remained unchanged at $0.2045 per $100 of assessed value.
- The high interest rate environment in fiscal year 2024 allowed the town to increase its revenues from investments.
- Fiscal year 2024 investment income totaled $115,412 compared to $47,204 in fiscal year 2023.
- This represents an increase of $68,208, or approximately 144%.
- The assets of the town exceeded its liabilities at the close of the most recent fiscal year by $6,342,492 (net position).
The total net investment in capital assets was $2,927,034 at June 30, 2024, compared to $2,643,962 at June 30, 2023.
- Total net position increased by $968,396, or approximately 18.0%, over fiscal year 2023’s net position.
- As of June 30, 2024, the town’s general fund had a fund balance of $$2,995,567 – and increase of $544,432 from the prior year.
- Approximately 86% of the fund balance is available to meet the town’s current and future needs (unassigned), 8% is restricted or committed for future use, and 6% is assigned for items for which the town intends to use the funds.
- At the end of fiscal year 2024, the unassigned fund balance of the general fund was $2,567,566.
- This amount is available to meet the town’s current and future needs.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: March 24, 2025