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Audit shows surplus and strong fund balance; council approves contract for next-year audit
Summary
An audit presented to Unionville council reported a general-fund surplus of $103,690 and a total fund balance of $3.878 million; council approved continuing with J.B. Watson & Co. to audit fiscal year 2024-25 with a base fee of $7,250.
An independent audit presented at the April 21 Unionville Town Council meeting showed the town with a positive general fund result and a sizable fund balance.
Jimmy Hanna of J.B. Watson & Co. told council the fiscal year ending June 30, 2024 produced a general fund surplus of $103,690, a total fund balance of $3,878,000 and a change in net position of $586,000. Hanna said the town's cash balances remain well above the state average for similarly sized municipalities.
Darrell Baucom also presented the monthly financial report, noting revenue of $523,000 against a budget of $611,000 and expenses of $244,000. Baucom told council interest income had declined with rates but that the town's cash position remained strong. Council voted unanimously to approve the audit-contract recommended by staff for the 2024-25 audit (base fee $7,250 plus additional fees for statement preparation and other non-attest services) and moved to pay the town's bills.
The audit and the council's acceptance of the contract complete the town's immediate year-end financial review; the contracted audit will proceed after the 2024-25 fiscal year closes.
