Annual Audit Shows Strong Financial Health for Town of Leland
The Town of Leland has received an unmodified or “clean” audit opinion and notation of strong financial health for fiscal year 2020-2021.
Alan Thompson of Thompson, Price, Scott, Adams & Co, P.A., the independent accounting firm that conducted the audit, presented results of the FY20/21 audit to Leland Town Council during its regular meeting on Dec. 16.
The audit includes the following figures of note:
- The year-end General Fund cash balance totaled $14,277,470.
- The total fund balance is 67.48% percent of General Fund Expenditures, which is a sign of strong financial health. This is an increase from 58% for FY19/20.
- Collection percentages for property and motor vehicle tax increased to 99.53%, the highest percentage for the Town to date and an increase from 99.47% from the previous year.
In addition, the audit noted financial statement disclosures as: neutral, consistent, and clear; no disagreements with management; and no difficulties encountered during the audit.
For more information regarding FY20/21 audit results, contact Leland Finance Director Carly Hagg at (910) 338-9735.