Recent Audit Opinion Shows Continued Financial Health for Leland
The Town of Leland has received an unmodified, or “clean,” audit opinion for the fiscal year beginning July 1, 2019 and ending June 30, 2020, according to an independent, outside auditing firm.
Stuart Hill, CPA, of Thompson, Price, Scott, Adams & Co, P.A. presented the results of his firm’s recent 2019-20 fiscal year audit during the regular meeting of Leland Town Council on Thursday, Jan. 21.
The audit included a few key financial indicators of note:
- General fund revenues exceeded general fund expenses by more than $1.1 million, although the general fund reserve available, as a percentage of annual budget expenditures, declined from 36.7 percent to 29.7 percent.
- Ad valorem tax revenue increased by over $1.2 million in 2019-20 over the prior fiscal year while maintaining the same tax rate as the previous two years of $0.21 per $100 value – a clear sign of the Town’s continued growth.
- Property and motor vehicle tax collection rates increased to approximately 99.5 percent – the highest percentage for the Town and an increase from approximately 99.4 percent the previous fiscal year. The Town of Leland contracts with Brunswick County to bill and collect property taxes.
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 on the audit results, contact Carly Hagg, Finance Director, at firstname.lastname@example.org or (910) 338-9735.