Elon’s independent auditor has given the town’s finances a “clean” bill of health for the fiscal cycle that ended on June 30, 2025.
Becky Loy of Cobb, Ezekiel, Loy & Company shared this favorable report with Elon’s town council when she presented the results of the town’s latest annual audit on Monday.
During her presentation, Loy rendered what she characterized as a “clean” opinion on the town’s finances, which she acknowledged have “grown significantly” over the past decades. Loy noted that, in past year alone, the town’s outlays for “governmental activities” had expanded by more than $1.1 million, while its “business-type activities,” which include water and sewer services, went up over $400,000.
Loy went on to concede that the savings associated with Elon’s governmental operations fell by $1.3 million to end the year just north of $14.1 million. Meanwhile, the “unreserved” savings for the town’s general fund finished the year at nearly $11.6 million, or about 88 percent of the fund’s annual expenditures.
Despite her largely glowing review, Loy admitted that she came across one bookkeeping blunder which she ultimately had to report to the state. This error amounted to an overstatement of $712 in the town’s debt payments for its fire department.
