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Mocksville audit returns clean opinion; board adopts procurement and fund-balance policies and a 3% staff retention bonus
Summary
The Mocksville Town Board received an unqualified audit opinion and approved procurement and fund-balance policies, a 3% retention bonus for employees and several financial governance items. Auditor Eddie Kerrick highlighted healthy reserves and two state performance indicators to monitor.
The Mocksville Town Board on a December evening accepted its annual audit and approved several finance and personnel measures, citing a strong fund balance and steps to safeguard future budgets.
Auditor Eddie Kerrick told the board it had received an "unqualified or a clean opinion," meaning the town's financial statements "did fairly represent the books and records of the town" for the year ending June 30, 2024. Kerrick said total revenues rose by about $1 million this year, driven by the sale of an old police building (about $450,000) and higher investment earnings, and that unrestricted cash stands at roughly $7.3 million.
"Available fund balance, right at $10,000,000 or approximately 160% of what your current year's expenditures are," Kerrick said, describing the town as in good financial shape while noting two LGC (Local Government Commission) performance indicators flagged concerns related to water/sewer asset depreciation and a reporting anomaly.
Why it matters: The board voted to adopt a purchase and procurement policy and an amended purchase policy to ensure compliance when federal funds are used, and it adopted a fund-balance resolution and fund-balance policy to set minimum reserve levels for contingencies and long-term stability. Rayna Gaither, the town's finance officer, told the board the policies are designed "to provide the financial flexibility needed to meet future obligations and enhance the town's financial position."
In personnel moves, Town Manager Ken proposed and the board approved a 3% retention bonus for all employees on the payroll between July 24 and June 30, citing a three-year retention trend of 84% (the town's goal is 90%). Ken said the bonus is a tool to recognize staff and improve retention.
Board action: The procurement resolution, the amended procurement policy, the fund-balance resolution and the fund-balance policy all passed by voice vote after motions and seconds; the 3% retention bonus also passed by voice vote.
What's next: The town will receive a bound copy of the audit once the state logs the report; staff will implement the adopted procurement procedures and formalize the retention-bonus payroll steps.
Sources: Presentation and discussion by Eddie Kerrick (auditor) and Rayna Gaither (finance officer) during the Mocksville Town Board meeting.
