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Henderson City Council accepts FY2018 audit noting healthy general‑fund balance and utility fund gains
Summary
The council accepted the FY2018 Comprehensive Annual Financial Report from TPSA, which showed the General Fund balance rose to 58.84% of expenditures and net position increased by $1.22M in Water, $2.07M in Sewer and $2.43M in Regional Water funds; the CAFR will be forwarded to the Local Government Commission after staff review.
Henderson City Council unanimously approved Resolution 19‑07 on Feb. 11, 2019 to receive the city’s FY2018 Comprehensive Annual Financial Report prepared by Thompson, Price, Scott, Adams & Co. (TPSA).
Auditor Stuart Hill thanked Finance Director Joseph (Joey) Fuqua and staff for their assistance and summarized key findings: the city’s General Fund (excluding certain restricted funds) increased to a balance representing 58.84% of fiscal year expenditures, and the Water, Sewer and Regional Water funds posted net position increases of $1,222,903; $2,067,414; and $2,431,222, respectively. Hill also noted property values continue to decline and that ad valorem tax collection rates were slightly below comparable communities.
City Manager Frank Frazier asked council members to bring the audit summary to the upcoming retreat dinner because the data will be pertinent to budget and strategic planning discussions. Following a motion by Council Member William Burnette and a second by Marion Williams, council approved the resolution to receive the audit; staff will complete a final internal review before forwarding the CAFR to the North Carolina Local Government Commission.
The audit findings provide staff and council with updated fund‑balance and utility‑fund metrics ahead of the city’s budget and strategic discussions.
