Beaufort receives a clear audit for the 2019-20 fiscal 12 months | Information

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BEAUFORT – After performing the work remotely as a result of coronavirus pandemic, outdoors agency Martin Starnes and Associates issued an unmodified or clear opinion of Beaufort’s funds for fiscal 12 months 2019-2020.

The Metropolis Council of Commissioners reviewed the outcomes on February 22 throughout their month-to-month working session held by way of Zoom.

Throughout the presentation, CPA KoTang Cha-Moses of Martin Starnes and Associates, reviewed plenty of highlights, together with the general place of the fund, earnings and bills for town.

“Our agency has issued an unmodified opinion on the monetary statements as at June 30, 2020,” she stated. “… That is the perfect opinion we can provide throughout an audit, so it signifies that your monetary statements are free from materials misstatement.”

The findings had been submitted to the State Native Authorities Fee on January 28 and permitted by that physique.

Within the basic fund, town noticed its revenues enhance by about 10% from the earlier 12 months, or about $ 844,000, famous Ms. Cha-Moses. This enhance is due partially to the rise in property tax income after council adjusted the tax fee, along with a slight enhance within the metropolis’s assortment fee.

Advert valorem collections account for 44%, the biggest half, of basic fund revenues. Throughout the fiscal 12 months ending final June, these collections exceeded $ 4 million, in comparison with $ 3.4 million the earlier 12 months.

The second largest contributor to the overall fund, different licenses and taxes, which accounts for 25% in complete, has additionally elevated. This bounce was partially as a result of elevated gross sales tax revenues, famous Ms. Cha-Moses.

She famous a lower of roughly $ 72,000 in revenues for constructing permits, courts and parking revenues. This lower is the results of town’s suspension of its downtown paid parking program for the summer time vacationer season final 12 months.

Basic fund spending additionally elevated, in line with the audit report, exceeding $ 10 million, in comparison with $ 8.1 million in 2018-19.

“The extra spending on public security for wages and advantages as a result of adjustment of the market compensation plan, hurricanes and extra time (linked to a pandemic) are a number of the will increase as to the reason for this, “famous Ms. Cha-Moses, we additionally noticed (a) enhance within the capital expenditure of the hearth division as a result of (the acquisition) of the ladder hearth truck,” in addition to a powerful enhance in debt service principal cost.

The debt cost was a $ 1 million interest-free mortgage town obtained from the NC Workplace of Restoration and Resilience to cowl bills within the aftermath of Hurricane Florence.

Public safety made up the biggest portion of town’s basic fund spending at 49%, adopted by public works and debt servicing, each at 15%.

On the finish of the 12 months, the fund stability stood at $ 4.39 million, with an accessible stability of $ 3.3 million.

As for the utilities fund, it ended the 2019-20 fiscal 12 months with a internet place of over $ 21 million, up from $ 20.3 million the earlier 12 months. The unallocated internet place ended at $ 2.5 million, a rise of over $ 711,000 from the prior 12 months.

An audit contract with the identical agency, Martin Starnes and Associates, for the 2020-2021 fiscal 12 months is on the consent agenda for the March common board assembly on Monday. The contract totals $ 27,035.

Contact Jackie Starkey at 252-726-7081, ext. 225; e mail [email protected]; or comply with on Twitter @jackieccnt.

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