HomeMy Public PortalAboutTOL PR 2016-12-16 Clean Audit
Town of Leesburg
News Release
For Immediate Release Media Contact:
Betsy Arnett, Public Information Officer
barnett@leesburgva.gov 703-771-2734
Leesburg Receives Clean Audit Report for Fiscal Year 2016
FY 2016 Comprehensive Financial Report Available on Town Website
Leesburg, VA (December 20, 2016) – The Fiscal Year 2016 Comprehensive Annual Financial
Report (CAFR) and audit report was presented to the Leesburg Town Council on Tuesday
December 13, 2016. The audit was conducted by PBMares, LLP, a public accounting audit firm
that specializes in audits of local governments in Virginia.
The Town received a clean audit report which means there were no material findings of
problems with the financial statements, internal controls, fraud, or noncompliance with
regulations or debt covenants. The only significant change to the financial statements from the
previous year is the addition of Exhibit A-4 which shows the budget versus actual prepared in a
way that reconciles to the organizational structure used when budgets are approved by Town
Council. In the past, the budget versus actual was organized and presented only in the format
used for presenting financial statements. The addition of Exhibit A -4 allows the taxpayers to
see the budget versus actuals totaling both ways.
“The successful completion of the CAFR was the result of outstanding efforts by Department of
Finance and Administrative Services (DFAS) staff, as well as support from many departments
town-wide,” said Kaj Dentler, Leesburg’s Town Manager. “DFAS produced the CAFR several
weeks earlier than last year and the entire audit process was handled efficiently and
effectively.”
According to Michael A. Garber, CPA, MBA, and partner with PBMares, LLP, who presented the
CAFR and audit report, the Town remains fiscally sound and is on track for funding its policy
goals and long-term fiscal sustainability plan. The FY 2016 CAFR is available on the Town’s
website at www.leesburgva.gov/government/departments/finance/financial-reports-cafrs.
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