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Town of Pittsboro receives unmodified 2025 audit; fund balance and reserves remain strong
Summary
Audit partner Jay Sharp told the board the 2025 financial statements received an unmodified (clean) opinion with no findings; the town reported roughly $11.7 million in revenues, $11.0 million in expenditures, an unassigned general fund balance of about $4.99 million (44% of expenditures) and healthy cash reserves (~192 days).
Jay Sharp, partner in charge of the town's 2025 audit, reported the audit work is complete, the financial statements have been submitted to the Local Government Commission for review, and the auditors will issue the report after final review. Sharp said the auditors issued an unmodified opinion and found no reportable internal-control findings for 2025; one 2024 finding related to lease accounting had been addressed.
Sharp summarized key numbers: general fund revenues of approximately $11.7 million and expenditures just over $11.0 million for 2025; an unassigned fund balance of about $4.99 million (roughly 44% of 2025 expenditures); and unrestricted cash reserves equivalent to about 192 days of operations. He said property taxes accounted for about 48% of revenues, other taxes/licenses 24%, and sales and services about 18% in 2025.
Commissioners asked whether changes in enterprise-fund presentation affected reserves; Sharp clarified the general fund figures are presented separately from any enterprise funds. The board praised staff for maintaining healthy reserves and noted the fund balance provides flexibility for capital needs and property acquisitions.
Sharp also noted a GASB change (compensated absences accounting) required implementation for 2025, and said key management estimates (capital-asset valuation, allowance for doubtful accounts) appeared reasonable based on audit testing.
