Town receives glowing praise after financial audit

MAHOPAC, N.Y.—The finances of the town of Carmel have received a gold star – and an Aa1 – as the town maintains one of the highest credit ratings possible after a recently completed independent audit.

The audit, which was begun earlier this year by Alan Kassay, a partner with the PKF O’Connor Davies accounting and advisory firm, gave the town an “unmodified (clean) opinion” for 2024. The town, specifically Mary Ann Maxwell, the town comptroller, also received the Certificate of Achievement for Excellence in Financial Reporting for the 33rd consecutive year. Carmel also maintained its Aa1 rating from Moody's, which means the town has a “very strong capacity to meet its financial commitments.”

“The objective of our audit was to obtain reasonable assurance about whether [town] financial statements are free of material misstatement,” Kassay said during a PowerPoint presentation at the Town Board’s July 9 meeting. “As part of the scope of our work, we reviewed management’s accounting estimates and the accounting treatment afforded to all significant accounting matters.”

Kassay stated that the audit approach was directed at the evaluation of all significant aspects of the town’s operations to reduce audit risks to an acceptable level.

“Our primary focus was not on individual transactions and balances but on the financial statements we are opining on taken as a whole,” he explained.

Deputy Supervisor Frank Lombardi said earning the Aa1 rating again was “no small feat.”

“The reason we strive for that is because when we borrow money, the interest we pay is based upon the Moody's rating,” he said. “So, we have a very good interest rate—we pay close to nothing. I know many of the municipalities around us don’t have this kind of rating. We work very hard and take great pride in having this rating. We have had to make every dollar count.”