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Auditor presents Princeton fiscal‑year review; board postpones detailed review after packet confusion
Summary
Audit manager Austin Ebanks presented the town’s fiscal‑year audit for year ended June 30, 2024, reporting a $61,579 operating loss in the general fund and an unassigned fund balance of $632,989 (41.24% of expenditures).
Austin Ebanks, audit manager with a Robinson office, presented the fiscal‑year audit for year ended June 30, 2024. He said auditors obtained reasonable assurance the financial statements were free of material error and that management’s estimates and disclosures were reasonable.
Key figures presented by the auditor included total general fund revenues and other financing sources of about $1,555,000 and total expenditures of about $1,616,000, producing a net change (operating loss) of $61,579. The auditor said the town’s unassigned general fund balance was $632,989, which he calculated as 41.24% of general fund expenditures — above the minimum benchmark cited by the auditor (34%). The tax collection rate was stated as 99.84%.
The auditor reported top general fund expenditures by department as public safety $814,519 (53%), general government $312,409 (20%) and transportation $280,000 (18%). He reviewed various project and grant funds including an economic development grant reported at $315,000 and Beaver Dam Creek cleanup project figures; proprietary funds showed depreciation reducing operating results but capital contributions and grants produced an overall gain in net position.
The auditor also reported internal control and compliance concerns: the finance/officer bond did not meet a statutory minimum referenced as N.C. Gen. Stat. §159‑29 (description in transcript), investment of certain funds and reporting to state oversight, and multiple funds showing expenditures in excess of authorized appropriations in the audit report. The auditor asked the town to respond within 60 days with mitigation plans to address the asset condition ratio, the finance officer bond, and the budget violations.
During the presentation the board and auditor discovered the packet on the screen was an older/incorrect audit (references to 2023 instead of 2024), and commissioners agreed it was difficult to review numbers with the incorrect packet displayed. The board decided to pause detailed review and address questions at a future meeting after providing the correct audit packet. No formal vote was recorded on acceptance or approval of the audit at this meeting.
The town was advised to update the finance officer bond to meet statutory minimums and to monitor budget versus actual monthly to avoid unauthorized expenditures before year‑end.
