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Spruce Pine council reviews FY2024 financials, reports $33,308.82 in uncollected 2023 taxes
Summary
The Spruce Pine Town Council reviewed preliminary FY2024 financial statements showing general fund and water/sewer surpluses, heard that $33,308.82 in 2023 taxes remain uncollected, and discussed issuing an audit agreement for utility billing recoveries.
The Spruce Pine Town Council reviewed preliminary fiscal-year 2024 financial statements on Aug. 12, with the town's finance officer reporting a general fund surplus and a separate surplus in the water and sewer fund.
At a regular meeting, the town's finance officer explained that the general fund reported $3,338,582 in revenue and $2,836,980 in expenditures for FY2024, leaving a preliminary excess of $501,602. The water and sewer fund showed $3,563,375 in revenue and $2,951,293 in expenditures, a preliminary surplus of $612,082; those figures are before final adjusting journal entries and depreciation capitalization, the officer said.
The finance officer also reported that uncollected taxes for 2023 total $33,308.82 and reminded the council that annual settlement and sworn certification are required under North Carolina reporting procedures for municipal tax collectors. The officer said the audit agreement included in meeting materials would let a vendor review electric, natural gas and other utility invoices for the prior 36 months at no upfront cost; if the auditor identifies recoverable billing errors, the firm would retain half of the confirmed savings.
Council members asked clarifying questions about timing and bookkeeping. The finance officer noted a July snapshot showing general fund revenue of $106,622 against July expenditures of $432,318, and explained the monthly gap reflected timing differences in property tax receipts and other flows.
The meeting packet also flagged a contract coming up for renewal: the town's water/wastewater plant operations contract, last renewed in July 2020 and running through June 30, 2025. Staff recommended issuing a request for proposals with fixed annual pricing rather than index-based (CPI) adjustments to avoid unpredictable cost swings during high-inflation periods.
The council did not record any formal votes on these financial matters in the public minutes included in the meeting transcript. Staff said follow-up items will include circulating the draft audit agreement and preparing an RFP for water and wastewater operations.
