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Council members present: Mayor Andy Moore, David Barbour, John Dunn, Steve Rabil, David Stevens, Roger Wood Absent: Marlon Lee, Travis Scott ANNUAL AUDIT FINDS CONTINUED GROWTH IN RESERVES The council received a "clean report" from CPA Alan Thompson of the Whiteville-based accounting firm of Thompson, Price, Scott, Adams & Co. employed to perform the annual independent audit of the town's finances. He commended the town for growing, once again, its General Fund balance --- the result of expenditures coming in below budget while revenues exceeded expectations. As of June 30, 2020 (the end of last fiscal year) the town's General Fund reserve had grown to $14,521,940, having climbed from $8,913,863 in 2016, Mr. Thompson noted. He also commended the town's administration for "excellent cash flow" in the Electric, Water, and Sewer funds that rely on billings for those services. And he touted the fact that debt is "going down in all funds." In sum, this year's audit contained "no findings" prompting a letter of alarm to the N.C. Local Government Commission, the auditor concluded. WATER & SEWER SYSTEMS GET TOP AWARDS AGAIN |