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Audit shows Cherryville's net position rose by $551,433 in fiscal year 2020
Summary
Butler & Stowe presented the FY2020 audit showing the city's net position increased to $20,356,523, an unassigned fund balance of $782,293 and a debt reduction of $295,293; the audit report was issued in December 2020 and approved by the Local Government Commission in January.
Butler & Stowe presented the City of Cherryville's annual audit for the year ending June 30, 2020, showing an increase in the city's net position and a reduction in debt.
Managing Partner Robert Adams reported the city's net position rose to $20,356,523, an increase of $551,433 from the prior year. Adams also highlighted an unassigned fund balance of $782,293 that is available for council use and said debt decreased by $295,293 during the year. He noted the audit report was issued in December 2020 and approved by the Local Government Commission in January.
Council received the presentation; no formal vote was required on the audit itself. The figures provide the most recent audited snapshot of Cherryville’s finances for FY2020.
