Clean auditor’s report for Huntsville’s financial statements
Huntsville Council received a clean auditor’s report for their statements of financial position, in the July 22nd, 2024, meeting.
Carl Pahapill of Pahapill Associates, advised Council they audited the Town’s 2023 annual consolidated financial statements, including operations, financial assets, net cash flows, including summaries and significant accounting.
He said, “The consolidated financial statements present fairly in all material respects of financial position of the Corporation of the Town of Huntsville.”
He added, “It’s a clean auditor’s report again, without identified issues, errors, or concerns.”
He advised that a new adoption to the accounting policy was put into place this year, resulting in gains for the Town. He said, “You have approximately $208,000 of unrealized gains within your investment portfolio.”
Another matter was the Town’s Lakeland Holdings, which the Town has “significant investment” in, according to Pahapill. He advised that Lakeland realized they had assets they previously assumed had an unlimited life, which have been determined as limited, which has caused an adjustment.
“That was done on a retrospective basis, so your opening surplus was adjusted last year by about roughly $487,000 to reflect that,” said Pahapill.
Mayor, Nancy Alcock, said, “Certainly when you start with ‘it’s a clean auditor’s report’ it’s hard to question that. That’s music to all of our ears.”
However, she questioned whether Council should be worried about “no significant difficulties encountered during the audit.”
Pahapill reassured Council the wording is “standard protocol” and industry language required. He said they didn’t have any difficulties, and the Town is using “organized and effective accounting systems and worked effectively.”
