Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Winterville auditors report strong reserves; council accepts 2024–25 audit
Summary
Town auditor Austin Eubanks told the Winterville Town Council that the FY2024–25 audit found no significant deficiencies, a 99.3% tax collection rate and an available unassigned general fund balance equal to roughly 119% of annual expenditures; council voted to accept the audit.
Mayor Ricky Hines and the Winterville Town Council accepted the town's FY2024–25 audit after a presentation by Austin Eubanks of Thompson Price Scott Adams & Company PA.
Eubanks, a CPA and compliance manager with the firm, told the council the audit found no significant deficiencies or irregularities and that the town's financial statements were free of material misstatement. "You had an unassigned fund balance of $12,425,000," he said, adding that at the town's current expenditure level that represents about 119% of annual general fund expenditures and would allow the town to operate for roughly 14 months without additional revenues.
Eubanks also reported a positive net change of $1,315,000 in the general fund and a tax-collection rate of 99.3%. He noted required accounting changes under GASB 101 related to sick-leave accruals and said the audit has been submitted to the Local Government Commission and the town will file the FPIC letter required by state rules.
Councilwoman Smith moved to accept the audit and Dr. Brandy Harrell seconded; after no further discussion, the council voted by clicker and the motion carried. The council did not record an individual roll-call tally in the transcript. Town staff said they will return the signed materials to the LGC as required.
The acceptance leaves Winterville positioned with a strong available fund balance and staff said they will continue routine reporting and the next step is official LGC acceptance of the filing.
