The audit found no material weaknesses in internal controls over financial reporting and no instances of non-compliance according to Mills. "If we had detected any of those things, you would be hearing from us because we are required to communicate that to you," Mills said.

The responsibilities of the auditors include ensuring the city's financial statements are free of misstatement materials and expressing opinions on those financial statements based on findings.

Taneytown’s audit was compliant with the Governmental Accounting Standards Board (GASB), which requires two sets of financial statements including government wide and fund level.

Total Revenues were $10,545,267 and expenses were $8,417,431, up 17% and 10% from fiscal year 2020 respectively.

The presentation also detailed the status of the City’s utility fund, which saw an 28% increase in revenue, while only incurring a 11% increase in expenses, for net surplus of $2,249,545.

The City’s assets as of June 30th, were $45,137,946 which is up 12.2%, from last year, while liabilities decreased by 5.4% to $15,261,719.

Expenditures include general government activities, such as staff pay, rent, public safety, public works, parks and recreation, and economic development, while utility fund expenditures cover the cost of operating the water and sewer services for the city.

Taneytown has substantially more development and "heavy debt" compared to other municipalities audited by DeLeon and Stang, Mills said. The city is covering approximately 80% of its total cost "Which is probably far better than many other municipalities," as some choose not to budget for depreciation, according to Mills.

The council and the auditors praised City Treasurer Barri Avallone and her team for their outstanding work throughout the year regarding finances.

"They were very well prepared, everything went as scheduled, and while that seems obvious, it doesn’t always happen that way," Mills said.