Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Auditor gives Morganton an unmodified opinion; council accepts audit and notes LGC reporting requirement
Summary
The city's auditor reported an unmodified (clean) opinion with no findings, highlighted strong fund balances and cash metrics, and noted a required Local Government Commission (LGC) response due to accumulated depreciation exceeding 50%; council accepted the audit and staff committed to file the corrective-action plan.
MORGANTON, N.C. — Morganton's independent auditor presented the annual financial audit on Dec. 1 and issued an unmodified (clean) opinion with no findings, and the City Council voted to accept the audit report.
The auditor detailed key measures: general fund balance reported at about $48,000,004; strong collection percentage for property taxes (about 97.44%); and positive multi-year trends in revenues versus expenditures. The auditor said routine audit risks (management override of controls and revenue recognition) were tested and did not produce concerns.
The presentation noted a financial-performance indicator required by the Local Government Commission (LGC): accumulated depreciation exceeds 50% of total fixed assets, which triggers reporting requirements though the auditor characterized it as not an operational concern if the city maintains assets appropriately. Council member Jesse Paris said the city would prepare and submit the LGC corrective-action letter within 60 days and that the city has active capital-improvement and water/sewer master plans.
"We issued an unmodified report, which is, quote, unquote, clean report with no findings," the auditor said. After questions and brief discussion, the council moved and approved acceptance of the audit by voice vote.
What's next: Staff will file the required LGC response and continue capital-planning work; council accepted the audit and noted follow-up actions related to the LGC notice.
