Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Audit: Blythewood posts unmodified opinion; Scout Motors fees drove a $3 million revenue increase
Summary
Love Bailey & Associates presented Blythewood's FY24 audit, issuing an unmodified opinion and reporting a $3 million increase in total revenues primarily attributed to $4.2 million in fees and permits from Scout Motors Company; auditors reported no irregularities.
Love Bailey & Associates auditor Mr. Walls presented the Town of Blythewood’s FY2024 audited financial statements at the Jan. 27 council meeting and delivered an unmodified opinion, indicating the financial statements conform to generally accepted accounting principles.
Mr. Walls told the council total revenues rose by $3 million from the previous year and attributed the increase primarily to fees and permits tied to Scout Motors Company, which he said accounted for $4.2 million in additional revenue. He said operating expenses decreased by $826,000, driven in part by a $3.1 million reduction in capital outlay, while general government operating expenses rose by $2.8 million largely because of payments to RCI of South Carolina for building inspection services related to the Scout Motors project.
The audit also noted $312,000 in principal debt payments that reduced outstanding debt to $4.3 million, $312,000 in new capital acquisitions offset by $416,000 in depreciation, and maintained reserves exceeding the recommended three-month benchmark. Mr. Walls stated no irregularities were found during the audit and emphasized the town’s stewardship and transparency.
The council did not take any formal votes on audit findings at the meeting; the audit provides the council with a financial record for use in budgeting and oversight.
