Independent Auditor Presentation
For Fiscal Year Ended
June 30, 2025
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, 2025.
2 Results of Audit – City’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.
Management’s Discussion and Analysis (pg. 5)
Prepared by Finance Staff
Discusses significant activity for the fiscal year
3 Financial Statements
Highlights
4 5
Statement of Net Position
FY-2024 FY-2025 Dollar Change Percent Change
Totals PRIOR YEAR CURRENT YEAR INCREASE (DECREASE) INCREASE (DECREASE) Assets $18,385,334 $20,591,303 $2,205,969 12.0%
Deferred Outflows $3,128,349 $2,266,409 ($861,940) -27.6% Liabilities $15,762,359 $15,311,630 ($450,729) -2.9%
Deferred Inflows $4,421,926 $2,785,700 ($1,636,226) -37.0% NET POSITION $1,329,398 $4,760,382 $3,430,984 258.1%
6 Statement of Activities
FY-2024 FY-2025 Dollar Change Percent Change
Totals PRIOR YEAR CURRENT YEAR INCREASE (DECREASE) INCREASE (DECREASE) Revenues $15,714,244 $15,948,670 $234,426 1.5%
Expenses $14,652,420 $12,517,686 ($2,134,734) -14.6%
NET POSITION $1,329,398 $4,760,382 $3,430,984 258.1%
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 6/30/2025
Average monthly expenditures $1.2M
(rounded)
Unassigned fund balance $3.5M
(rounded)
Months of expenditures that
can be covered by unassigned
fund balance
2.9 months
QUESTIONS?
9