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Town of Leland Audit Shows Strong Financial Health
The Town of Leland has received an unmodified, or “clean” audit opinion, with a notation of “strong” financial health, according to Alan Thompson of Thompson, Price, Scott, Adams & Co, P.A., an independent, outside auditing firm. The results of the Fiscal Year 2017-2018 financial audit were presented to the Leland Town Council on December 20, 2018 at the Council’s regular meeting.
The audit included a few key financial indicators of note:
- General Fund cash balances increased to over $13.5M, an increase of over $4.2M from the previous fiscal year.
- Total Fund Balance is 84.41% of General Fund Expenditures, which shows strong financial health.
- Revenues exceeded expenditures by $1.8M which is a slight increase from the previous fiscal year where revenues exceeded expenditures by about $1.4M.
- Collection percentages for property and motor vehicle tax increased to 99.34%, the highest percent for the Town, an increase from 98.93% from the previous year.
- The Utility Enterprise Fund Balance increased by $955K to $47M, while the cash balance increased by over $4.8M to $16.2M.
In addition, the audit noted financial statement disclosures as neutral, consistent, clear, no disagreements with management, and no difficulties encountered during the audit.