There were no findings or questioned costs in the audit, according to Gregory T. Redman, a Tarboro-based CPA.
“You made budget amendments like you were supposed to do,” he told council at its meeting.
The city had a strong tax collection rate of 98.7 percent. “Some of that was helped by the way the state collected vehicle taxes. That 98.7 helps a lot.”
The city noted in the audit report that assets exceeded liabilities at the close of the fiscal year by $6.29 million, while its net position decreased by $85,887. “As of the close of the current fiscal year, the city of Roanoke Rapids' governmental funds reported combined ending fund balances of $8.086 million, representing a net decrease of $711,251.”
Approximately 53 percent of the total amount, or $4.31 million is available for spending at the government discretion.
The unreserved fund balance for the general fund was $4,149,411 or 27 percent of total general fund expenditures for the fiscal year.
The audit also details the city's installment notes payable for a total of $2,275,192.
They are broken down as follows:
• $185,760 through First Citizens Bank, a refinanced USDA loan for the Neighborhood Resource Center.
• $1,300,000 through First Citizens Bank, a refinanced USDA loan for Fire Station II.
• $149,712 through BB&T for 13 Crown Victoria police vehicles.
•$97,968 through BB&T for a trash truck.
•$155,400 through First Citizens Bank for six police vehicles.
•$386,623 through Sun Trust Bank for the new ladder truck.
The April 12, 2008 Economic Revenue Bonds for the Roanoke Rapids Theatre are also detailed in the audit.
The $21,500,000 bond issue is due in semi-annual installments at a 15-year interest swap rate, which is locked at 5.51 percent.
The annual requirements to amortize the notes payable are a total of $2,726,042 through 2030-2034. That includes principal payments of $2,275,192 and interest payments of $450,850.
The annual requirements to amortize the economic development bonds through 2025-2027 are $25,364,120. That includes principal payments of $18,195,000 and interest payments of $7,169,120.
Overall, Mayor Pro Tempore Carl Ferebee, who presided over the meeting in the absence of Mayor Emery Doughtie said, “The way the economy has been, I would like to thank (Finance Director MeLinda) Hite and her staff for controlling some of these expenses.”
Councilman Wayne Smith said he was pleased with the audit. “I thank the staff for sticking with the budget. It makes our jobs easier. I appreciate all you do.”
City Manager Joseph Scherer said following the meeting the clean audit was a cooperative effort between department heads and the finance office.
