A recently completed audit of Smithfield’s 2023-24 finances showed no issues with the town’s accounting.

A Dec. 20 audit by the accounting firm Robertson Farmer Cox found Smithfield to have ended the prior fiscal year on June 30 with $19.9 million in total revenue and just under $14.6 million in expenses, resulting in a surplus of just under $5.5 million.

Based on a $62.3 million net position at the start of the 2023-24 fiscal year, that equates to a $67.7 million end position.

The firm gave the town an “unmodified” or clean opinion.

The end balance in the town’s governmental funds was $16 million, up $3.1 million from the prior year. The unassigned fund balance, which refers to money on hand not earmarked for a specific purpose in the town budget, stood at $15.4 million, or 136% of general fund expenditures less any capital outlay expenses, according to the audit.

Town policy requires that at least 25% – or $2.8 million based on the 2024-25 fiscal year’s $11.2 million budget – be on hand at any given time.

The report states the town is carrying $2.7 million in general obligation debt through 2033 and makes just over $300,000 in debt payments annually. Debt associated with governmental activities decreased $231,289 while debt associated with business-type activities decreased $447,267, the audit states.

The town is subject to a legal limit of carrying debt equal to no more than 10% of the assessed value of taxable real estate. The town was in compliance with this limit as of June 30, the audit states.

“Achieving an audit such as this is no small feat and I think it goes to a testament to the professionalism of our treasurer and her staff,” said Councilman Steve Bowman.