An audit of East Hampton Town for the year ending Dec. 31, 2021, found the town in strong fiscal health, a certified public accountant told the town board on Tuesday.
David Tellier of Nawrocki Smith L.L.P. told the board of “excellent cooperation” and a “timely and accurate closing of the books and records” during his firm’s audit, which took place in April and May, with financial statements reviewed in detail with Becky Hansen, the town’s budget officer, last month.
All planned audit procedures were successfully implemented, he said, and no material weaknesses or significant deficiencies in internal controls were identified.
Government-wide financial statements showed total assets of $851.3 million, primarily consisting of $630.8 million in various capital assets. Liabilities totaled $327.5 million, primarily consisting of $86.2 million in bonds payable and $165.6 million of OPEB (other post-employment benefits). The town’s total net position was $523.9 million, according to the auditor’s report.
The audit noted a net increase in all funds of $25.2 million, with revenues up by $29.9 million over 2020, to $180.2 million. The increase is related to an increase in non-property tax items, Mr. Tellier said.
Expenditures and other financing uses totaled $155 million, an increase of $25.5 million over 2020. That increase was related to a rise in community preservation fund expenditures, the accountant said.
“We’re pleased with the report,” Supervisor Peter Van Scoyoc said at the conclusion of the presentation. “The town is in a solid financial state now.”
