By Drew M. Bailey, Community Reporter
Northborough – Town accountant Jason Little went before the Northborough Board of Selectmen during its Dec. 19 meeting to present the results of the Fiscal Year (FY) 2011 Audit Report. The audit was conducted by an independent accounting firm, and examined all financial activities undertaken by the town.
Little stated that “the audit was clean,” and that estimates of expenditures and revenues were confirmed at 1 to 2 percent. This result was expected, he said, and considered very positive, as it confirmed the efficacy of the town's planning, budgeting and accounting efforts.
Town Administrator John Coderre stated “this is the cleanest audit you will ever see in a municipal setting.” He explained that the audit process is a means to an end; it provides a sound financial foundation for the town.
The audit showed that for the first time in five years, the town had a surplus of free cash, which could be directed toward capital expenditures. This was the result of planning earlier in the year, Corderre noted, to implement an expanded free cash policy that would add stability to the town budget.