FY25 Audit Identifies Accounting Issues Behind Free Cash Reduction
The Advisory Finance Committee reviewed FY25 audit findings showing significant accounting issues and a $4.2 million free cash adjustment. Finance Director Jonathan Steinberg clarified the adjustment represented amounts that could not be counted as available until reconciled, not lost funds.
Advisory Finance Committee · Meeting of October 5, 2026
WESTBOROUGH — The Advisory Finance Committee reviewed FY25 audit findings showing significant accounting issues and a $4.2 million free cash adjustment. Finance Director Jonathan Steinberg clarified the adjustment represented amounts that could not be counted as available until reconciled, not lost funds. Staffing turnover in the Finance Department had contributed to the problems.
Two accounting positions have been filled, with the office fully staffed by the end of October. The Town is engaging consultants on reconciliation work and control improvements, targeting completion by November with free cash certification in time for Town Meeting. The Town's S&P short-term credit rating was maintained.
In the full story:
- The complete report — 282 words
Source: the Advisory Finance Committee meeting of October 5, 2026, compiled from the official minutes.
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