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Raeford council accepts FY2019 audit showing $846,885 net position gain
Summary
At its Feb. 3 meeting, the Raeford City Council unanimously accepted the FY2019 audit, which reported an unmodified opinion, compliance with laws and no material weaknesses; the audit showed a $846,885 increase in net position and a 156% governmental fund balance available percentage.
The Raeford City Council on Feb. 3 unanimously accepted the City’s Fiscal Year 2019 audit, Finance Director Scott Edwards reported during the meeting at James B. McLeod Council Chambers.
Edwards said the audit, produced by Haigh, Byrd & Lambert, LLC, provided an unmodified opinion — the highest level of assurance — and found the city in compliance with applicable laws and regulations. The auditors reported no material weaknesses in internal control over financial reporting and no material weaknesses or significant deficiencies in internal control over grants. Edwards told the council the audit showed a $846,885 increase in net position and a governmental fund balance available percentage of 156%.
The council voted to accept the audit on a motion by Councilman John Jordan, seconded by Councilman Wayne Willis; the motion carried unanimously.
Why it matters: An unmodified opinion is the standard auditors issue when financial statements are presented fairly in all material respects. Council members thanked Finance Officer Scott Edwards for his work in securing the opinion and noted the result as evidence of the city’s fiscal stability.
What happens next: The acceptance places the audit on the city’s record and allows staff to proceed with implementing any routine follow-up items recommended in the auditors’ management letter, if applicable. The council took no separate formal action beyond accepting the audit at the meeting.
