UHY, a national accounting, audit and assurance firm, presented the fiscal year 2020 audit to Bloomfield Township trustees at their meeting on Monday, October 12, offering an unmodified opinion, which they said is the highest opinion they can render, noting the township is in very good financial shape.
Michael Santicchia, partner, and Marlene Beach, principal, at UHY, presented their findings of an independent audit of governmental activities, business-type activities, with the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of the township “as of and for the year ended March 31, 2020, and the related notes to the financial statements, which collectively comprise the township’s basic financial statements as listed in the table of contents.”
“We are offering an unmodified opinion, which is the highest opinion we can render,” Santicchia told the board. He said the township did not adopt any new accounting practices in fiscal year 2020, and there had been no audit adjustments, no disagreements with township management or difficulties.
“It was done remotely, and management was prepared and cooperative,” he said.
As systems and funds were tested, he said no incidents of fraud were detected or reported.
Beach said total revenues were up a little, basically due to increases in taxes and assessments. Investments increased by about $500,000, or 50 percent, due to the performance of the investments.
“OPEB and pension liabilities are the primary factors causing a negative net position in governmental activities,” she said.
“Are there any weaknesses or concerns we should be aware of?” trustee Michael Schostak asked.
“Not that we saw,” Beach responded.
Trustees unanimously accepted the fiscal year 2020 audit.