Auditor gives Village of Clemmons a clean opinion for fiscal year ended June 30, 2024; council accepts report

Carol Hall, a CPA with Gibson & Company, presented the Village of Clemmons fiscal year 2024 audit to the council on Dec. 9, 2024 and reported a clean (unmodified) opinion.

Hall told the council the audit report is 136 pages and had been submitted to the Local Government Commission (LGC). She said the auditors found no instances of noncompliance or budgetary violations. Gibson & Company also completed required federal and state single audits because the village expended more than $750,000 in federal funds and more than $500,000 in state funds; Hall said the single audits for the major programs received clean opinions.

Key figures Hall cited from the report included approximately $1,800,000 in federal grant expenditures (mainly American Rescue Plan Act funds) and roughly $1,200,000 in state and local expenditures, including $884,000 from Powell Bill receipts and $307,000 from Golden Leaf funds. Hall said unrestricted cash and cash equivalents increased by about $2,500,000 during the year, helped in part by ARPA inflows of $1,670,000 that were transferred into government and enterprise funds. Hall also noted a state appropriation of $2,400,000 received by year end that was expended after year end related to a property purchase.

Exhibits referenced in the presentation included the auditor’s opinion on page 20, the federal single audit opinion on page 121 and the state single audit opinion on page 124. Hall summarized Exhibit 1 showing total general fund balance of $14,800,000 with $8,100,000 unassigned, Exhibit 4 showing an increase in general fund revenues of about $540,000 (largely investment earnings and tax revenues), and general fund expenses of about $8,300,000 with a net positive change in fund balance of $4,600,000.

On the enterprise side, Hall said the stormwater fund’s total assets rose to approximately $8,600,000 with unrestricted net position around $2,600,000. Stormwater operating revenues were about $1,400,000 and expenditures about $1,100,000; ARPA transfers to the stormwater fund totaled $359,000 and net position increased to roughly $8,380,000.

After the presentation Finance Director (name not specified in the transcript) and council members asked questions; Hall said staff could supply additional detail if needed. The council then voted to accept the audit report as presented. The motion passed by unanimous vote.

No follow‑up action was recorded in the meeting transcript beyond the acceptance vote and the auditors’ offer to answer any additional questions submitted to staff.