Gregory Redman, a Greenville CPA, gave the city council an overview of its audit during its work session tonight.
He said the audit was unqualified and contained no exceptions. The audit, which is available for inspection online at the city's website and attached at the end of this account — just below the social sharing icons — shows the unreserved fund balance is at 26.4 percent of general expenses — $3.7 million — well above the 8 percent recommended by the Local Government Commission.
Assets exceeded liabilities by $5.1 million. Net assets increased by $139,592.
The fund balance decreased by $129,909 the audit notes. The unreserved fund balance decreased by $167,857 over the previous fiscal year.
On the balance sheet, the audit at the time it was done, showed expenditures exceeded revenues by some $476,000. “You just about broke even,” Redman told council.
Redman said ideally tax collections should be at 97 percent. The city's tax collection rate was 95.68 percent. “The state says 97 percent is the average. You're right at 96 percent. That's pretty close.”
The auditor said there was no excess spending. “You didn't overspend in any area. That tells me you are looking at your budget.”
On the compliance side, there were no errors, Redman said.
“We set our a goal to increase our fund balance,” Mayor Emery Doughtie said. “We've been successful at it.”
Redman said he hasn't seen many fund balance increases within municipalities. “There's not been many towns which have increased its fund balance in the last four years. Do I think you're on the right track? Yes.”
Interim City Manager Ed Wyatt said, “We don't have water or sewer or electricity. We depend strongly on our general fund. It is truly remarkable that we have a 26 percent fund balance.”
Wyatt said it was particularly good considering the expenses incurred from the tornado and hurricane recovery. “Certainly we need to be proud of where we are with the fund balance.”
The audit only briefly mentions the Roanoke Rapids Theatre, giving an overview of the history and noting, “The City is continuing its effort to obtain permissive legislation from the NC General Assembly that would allow the citizens of Roanoke Rapids to have a referendum on a one cent sales tax to be used to pay off the bonds for the Roanoke Rapids Theatre. “
comments
Did you expect that the auditors would find errors in the city's books? As a taxpayer, "no errors" is at best neutral news to me; I demand no less from my tax dollars!
RSS feed for comments to this post