By CaraLynn Caulfield
An auditing firm found that the Town of East Hampton had once again earned high marks for its financial stewardship, receiving a “clean” audit opinion on its Fiscal Year 2024 financial statements.
The findings, presented on July 15 at the Town Board work session by Senior Manager Craig Hauser, confirm that the Town’s Annual Comprehensive Financial Report (ACFR) is accurate and free from material misstatements.
The audit, conducted by Nawrocki Smith LLP, showed that the Town’s total governmental fund balance remained healthy at $151.8 million, including $18.2 million in unassigned funds. In 2024, the Town strategically used portions of its fund balances to support infrastructure improvements and reduce long-term borrowing — a move officials say demonstrates sound financial planning without compromising reserves.
The Town also reported a net position increase of more than $56 million, fueled by continued investment in capital assets. The audit included both a federal Single Audit and a New York State Single Audit related to Department of Transportation grants. One compliance item was noted, but Town officials say corrective measures are already underway to ensure future alignment with reporting standards.
Supervisor Kathee Burke-Gonzalez credited the Town’s conservative fiscal policies and forward-thinking planning for its continued stability.
“East Hampton remains on solid financial footing thanks to responsible budgeting, strong reserves, and conservative fiscal policies,” Burke-Gonzalez said. “It’s important that our residents can trust the Town is managing public funds with care. This audit reinforces that we are on the right track, and I’m grateful to our Finance Department for their professionalism and dedication throughout this process.”
With the audit now complete, East Hampton will submit its FY 2024 ACFR to the Government Finance Officers Association (GFOA) for consideration of the Certificate of Achievement for Excellence in Financial Reporting — an accolade the Town has received many times in past years.