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Town receives unqualified audit opinion; revenues and fund balance increased
Summary
Carol Avery presented Fletcher's FY2023–24 audit, reporting an unqualified opinion from the LGC, increased cash and assets, and revenue gains driven by property tax and grant receipts; the town's available fund balance remained well above its 45% policy minimum.
Carol Avery presented the town's fiscal year 2023–24 audit and told the council the Local Government Commission had approved the audit and the town received an unqualified opinion.
Avery said the general fund ended the year with about $10.69 million in cash, including roughly $10.05 million in unrestricted cash and roughly $524,000 in restricted funds. Total assets rose to approximately $11.63 million, an increase she attributed primarily to higher cash and fund balance.
She reported total revenue for the year rose about $197,000. The largest revenue contributors were increased property (ad valorem) tax collections (up about $377,000) and grant receipts (about $233,000 higher). Avery cited a roughly $235,000 grant from the Office of the State Budget Regional Economic Development program that staff used, in part, for police equipment, including body cameras and vehicles. Investment income and building‑related permits also added to revenue growth.
On expenditures, she said public safety costs rose (roughly $481,000) largely because of salary and benefits increases, capital outlay and a fire contract increase. Transportation spending also grew, while parks and recreation capital spending fell compared with the previous year.
Avery noted the town’s available fund balance stood above the council’s policy minimum of 45 percent (the available fund balance measured at about 108 percent under the figures she presented). She told the council that, although $1.3 million had been appropriated for use, the town did not draw on that appropriation and instead added about $380,000 to fund balance.
The council offered thanks to staff for preparing the audit materials; no formal action was required on the presentation.
