The Town of Hopkinton received a positive Fiscal Year 2024 audit report for its financial statements ending June 30, 2024. Terenzio Volpicelli of Roselli, Clark & Associates presented the report to the community and Select Board on March 4.
Volpicelli clarified that his firm audited the town’s financial statements, and this was not a forensic audit.
Volpicelli issued the town’s audited financial statements on January 13, 2025, with an “unmodified, or clean, audit opinion.” He reported the audit as if the town were a publicly-held company and posted the full 60-page report on the town’s website.
Volpicelli said he encountered no significant difficulties or disagreements during the 2024 audit and reported “no internal control matters or deficiencies observed during the audit.”
In his specific findings, Volpicelli said the town’s 2024 reserve ratio was more than 31%, which is “quite strong… which again makes sense because you are a AAA community.” This number has increased from below 15% approximately five to six years ago.
Volpicelli reported that the town holds significant reserves of approximately $5.4 million in general and specialized stabilization funds through FY25, which is three-quarters complete. The town expects to have certified free cash of approximately $10 million.
For FY24, the town’s financing sources exceeded expenditures by nearly $9 million. It also carried over $359,000 in encumbrances to FY25. Volpicelli highlighted financial risks, including phishing scams targeting the treasury department. He concluded by thanking Cindy Johnson for her office’s support and collaboration.
