Independent Auditor Presentation
For Fiscal Year Ended
June 30, 2024
Town of Fairfax
Whitney Crockett, CPA
Engagement Partner
1 Annual Audit
Maze and Associates – we are an independent CPA
firm, independent from the Town of Fairfax and its
component units
Audit was conducted in accordance with auditing
standards generally accepted in the United States of
America and Government Auditing Standards issued by
the Comptroller General of the United States of America. Audit scope includes the Town of Fairfax basic financial statements for the fiscal year ended June 30, 2024.
2 Results of Audit – Town’s FS
Independent Auditor’s Report (pg. 1)
Unmodified/clean opinions…fairly stated, in all material respects…in conformity with accounting principles
generally accepted (GAAP) in the USA.
Town implemented GASB Statement 100, Accounting
Changes and Error Corrections as discussed in Note 1N
to the financial statements.
Management’s Discussion and Analysis (pg. 5)
Prepared by Finance Staff
Discusses significant activity for the fiscal year
3 Financial Statements
Highlights
4 5
*Original assets and net position were $18,036,089 and $57,574, respectively at June 30, 2023. However, as discussed in a previous slide, the Town determined that there was a loan receivable of $210,000 that needed to be recorded in the prior year therefore, increasing assets and net position to $18,246,089 and $267,574, respectively.
Statement of Net Position Dollar Percent
FY-2023 FY-2024 Change Change
Totals PRIOR YEAR
(AS RESTATED)*
CURRENT YEAR INCREASE (DECREASE) INCREASE (DECREASE)
Assets $18,246,089 $18,385,334 $139,245 0.8%
Deferred Outflows $3,868,133 $3,128,349 ($739,784) -19.1% Liabilities $15,920,959 $15,762,359 ($158,600) -1.0%
Deferred Inflows $5,925,689 $4,421,926 ($1,503,763) -25.4% NET POSITION $267,574 $1,329,398 $1,061,824 396.8%
6 *Original net position was $57,574 at June 30, 2023. However, as discussed in a previous slide, the Town determined that there was a loan receivable of $210,000 that needed to be recorded in the prior year therefore, increasing beginning net position to $267,574.
Statement of Activities Dollar Percent
FY-2023 FY-2024 Change Change
Totals PRIOR YEAR
(AS RESTATED)*
CURRENT YEAR INCREASE (DECREASE) INCREASE (DECREASE)
Revenues $14,880,588 $15,714,244 $833,656 5.6%
Expenses $20,592,837 $14,652,420 ($5,940,417) -28.8%
NET POSITION $267,574 $1,329,398 $1,061,824 396.8%
GFOA Best Practice
Minimum Recommendation:
• The GFOA suggests that governments,
regardless of size, should aim to have at
least two months' worth of operating
revenue or expenditures in their general
fund's unrestricted fund balance.
7 General Fund
8 6/30/2024
Average monthly expenditures $1.1m
(rounded)
Unassigned fund balance $5.1m
(rounded)
Months of expenditures that
can be covered by unassigned
fund balance
4.5 months
Looking Forward – Proposed
Audit Timeline
Fiscal Year 2025 Audit
Preliminary Phase (Interim phase) scheduled
for the last week of July 2025
Final Phase scheduled for the first week of
December 2025
Finalization in Spring 2026
9 QUESTIONS?
10