It’s a ‘clean’ bill of health for Farragut financially during fiscal year 2024
The Town of Farragut received a “clean” bill of health in its financial reporting for year ending June 30, 2024, as announced by Travis Lowe, auditor for PUGH CPAs in Knoxville, during a recent Farragut Board of Mayor and Aldermen meeting.
“It is a clean audit opinion,” Lowe said. “We do believe that the financial statements that are submitted are accurate.
“We have audited the financial statements of the governmental activities, each major fund, the budgetary comparison statement for the general fund, the fiduciary activities and the aggregate remaining fund information of the Town of Farragut, Tennessee, as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements as listed in the table of contents,” Lowe read from the auditor’s report.”
“In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the fiduciary activities, each major fund and the aggregate remaining fund information of the Town, as of June 30, 2024, and the respective changes in the financial position and the respective budgetary comparison statement for the general fund for the year then ended in accordance with accounting principles generally accepted in the United States of America,” he added.
“In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town’s ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.”
Lowe reported the financial statements show total assets in the 2024 fiscal year were $131,716,416. In 2023, total assets were $118,990,051. It had $7,097,226 in liabilities in 2024 and $9,077,171 in liabilities in 2023. In 2024, the Town had a fund balance of $54.8 million.
“For the Town, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $124.0 million at June 30, 2024,” the audit report stated.
“The largest portion of the Town’s net position (55.7 percent) reflects its investment of $69.2 million in capital assets (e.g. land, buildings, infrastructure, improvements, machinery and equipment),” the report further stated. “The Town uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.”
