The town’s finance officer presented the monthly financial statements, reporting strong current assets and a stable fund balance, and the council approved the finance officer’s report and adopted the annual engagement letter for audit services.

On the record, the finance officer reported cash and investments held at Truist Bank and Piedmont Federal, current assets of approximately $2,700,000, liabilities of about $72,006.83, and a total fund balance of roughly $2,000,006.80; staff noted these figures do not reflect capital project funds. The finance officer also described an unrelated fire at the Guilford County finance office earlier in the summer that damaged contents and briefly delayed county reporting and transfers; the county rebuilt systems and completed the town’s transfer on schedule, the finance officer said.

The finance officer said the town’s audit fieldwork had begun and that the state had extended the due date for audits to Dec. 31 because of statewide audit-processing challenges; the town expects to complete its audit earlier than the extended deadline. The council approved the finance officer’s report by voice vote.

Council then considered and approved the auditor engagement letter for the coming year with Anderson Barrow, CPA. Staff said the engagement letter is substantively the same as the prior year with fees unchanged; the engagement letter requires council adoption and signature. Council approved the engagement letter and the finance officer asked to obtain signatures on two copies at the meeting’s conclusion.

Speakers on the record included the finance officer and council members who moved and seconded the motions. The finance officer noted routine monitoring of investments, grant compliance work, and the start of the year’s audit fieldwork.

Contrary to speculation, the report did not show material budget stress in operating funds; staff described the month as a fairly normal start with some stronger-than-expected collections recorded in July.