Town Audit Shows Strong Financial Health
The Town of Leland has received an unmodified, or “clean,” audit opinion and notation of strong financial health for Fiscal Year 2018-19.
Stuart Hill of Thompson, Price, Scott, Adams & Co, P.A. – the independent accounting firm that conducted the audit – presented results of the FY 18-19 audit to Leland Town Council during its regular monthly meeting on Thursday, Dec. 19.
The audit includes the following figures of note:
- The year-end General Fund cash balance totaled $10,755,471.
- The total fund balance is 59.37 percent of General Fund Expenditures, which exceeds the 35-percent goal outlined in the Town’s Fund Balance Policy and is a sign of strong financial health.
- Collection percentages for property and motor vehicle tax increased to 99.4 percent – the highest percentage for the Town and an increase from 99.34 percent from the previous year.
- The Utility Enterprise Fund Balance increased by more than $2 million to $49 million.
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 FY 18-19 audit results, contact Carly Hagg, Leland Finance Director, at (910) 338-9735.