Exeter Council reviews FY2025 audit, auditors report ‘unmodified’ opinion and no long-term debt

Auditors from Waterbend Company presented Exeter’s audited financial statements for the year ending June 30, 2025, and the town council voted to accept the presentation and the audit report.

Mike, a presenter for Waterbend Company, told the council the audit issued an unmodified (clean) opinion, saying the town’s financial statements complied with generally accepted accounting principles. He summarized key figures: total assets “about $4,700,000,” cash and cash equivalents roughly $4.4 million, and total liabilities around $2,200,000. The auditors reported an ending total fund balance of about $2,300,000 and noted the town had “no actual hard debt and there is no leases,” which the presenter summarized as the town being “debt free.”

The auditors highlighted that the unassigned fund balance was about $1.4 million, roughly 10% of current-year property tax collections — toward the low end of recommended reserves but within a typical guideline of about 10–15 percent. Revenue sources were led by property taxes, which the auditors said accounted for the majority of receipts, and intergovernmental state aid represented the second-largest source. They also noted favorable budget-to-actual results overall and a small decrease in fund balance for the year.

Council members thanked town finance staff for timely materials and noted the report will be finalized after one outstanding item from the state is received. The council voted to accept the audit presentation and the audit report for FY2025; the auditors said the financials will be finalized after a pending state municipal finance report is received.

Next steps: the finalized audit will be submitted to the state once the outstanding item is provided and the town will continue routine budget oversight and transparency reporting.