Oak Ridge — Council accepted the town’s finance report, heard that initial audit field work has begun, and approved the annual engagement letter with Anderson Barrow, CPA.

The finance officer reported that July receipts included a wire transfer and motor vehicle taxes that together brought July collections to roughly $98,000. The officer said county finance operations had been disrupted earlier in the summer by a building fire, but that Guilford County restored services and transfers arrived on schedule.

The finance officer told council the town’s balance sheet showed approximately $2.7 million in current assets, liabilities of about $72,007 and a total fund balance near $2,000,007; the officer said these figures did not reflect capital project funds. Audit fieldwork had begun, the officer said, with the town scheduled to meet the state’s extended filing deadline if needed.

Council also approved an engagement letter for auditing services with Anderson Barrow, CPA with fees and terms presented as unchanged from the prior year. A council member moved to adopt the engagement letter; the motion passed on a voice vote.

The finance officer’s report and the engagement letter were approved by council; staff will provide materials for the auditors and requested signatures on engagement documents at the meeting’s end.