Source
The Town's audited financial statements for the year ended June 30, 2025, issued by Mahoney Sabol & Company, LLP and dated April 22, 2026. The Schedule of Findings reports one financial statement finding. Finding 2025-001, "Material Weakness in Internal Control over Financial Reporting - Reconciliation of the Town's and the School District's General Ledgers," states as its condition that "the Town's general ledger is not currently integrated with the School District's general ledger," that journal entries are required to reconcile the two, and that "the Town's year-end closing entries to record the School District's balances and activities were incomplete." Cause: "Lack of reconciliation controls." Effect: "Inaccurate financial reporting." Repeat finding: yes. The auditor's recommendation, in full: "We recommend that the Town no longer record balances and activities that are already accounted for by the School District. The Town should limit its accounting to transactions that involve direct financial activity between the Town and the School District. These may include appropriations, transfers, reimbursements, or shared service costs. In addition, we recommend that the School District continue to provide the Town with monthly financial reports to ensure that the Town remains informed about the School District's fiscal status." Views of responsible officials: "Management agrees with the finding and intends to take corrective action to address the deficiency." The same schedule records that prior year finding 2024-002, the significant deficiency over bank and interfund reconciliations, "is no longer being reported." Filed with the State of Connecticut Office of Policy and Management; the original can be retrieved by the public from OPM's Electronic Audit Reporting System at ears.opm.ct.gov, under Public Search, Audit Reports, entity Andover, year 2025.