MOREHEAD Town — An yearly external audit of Morehead City’s fiscal statements uncovered the city to be in superior standing for the 2019-20 fiscal yr.
Robbie Bittner of accounting firm PBMares, which obtained the Morehead City and New Bern workplaces of RSM US very last year, appeared throughout the Morehead Town Council’s frequent assembly Feb. 9 to existing the outcomes of the annual audit. The city’s finance office also presented the council with a copy of the Extensive Annual Economic Report, or CAFR, for the fiscal yr ending June 30, 2020.
“The major obligation of the council is to retain our town in fiscally superior form, so we seek the services of auditors each 12 months to assure that and they appear below and give us a report,” Morehead Metropolis Mayor Jerry Jones explained Tuesday. “…Thank you to (Morehead Metropolis Finance Director) Jewel (Lasater) and the total finance division and all the other departments, they all had a part in arranging and getting everything collectively for the audit.”
As Mr. Bittner described, the auditing staff looks at the city’s money statements to see if they are offered in accordance with typically approved accounting principles, or GAAP. The business can hand down a single of four thoughts dependent on its findings, with an unmodified feeling becoming the best feasible degree of assurance.
“The highest stage of assurance that we can give as exterior auditors is the unmodified, thoroughly clean belief, which the town did acquire an unmodified viewpoint this year,” Mr. Bittner claimed.
The auditing agency also examines the city’s compliance with regulations and restrictions associated to grants, contracts and other products for any content noncompliance issues. Mr. Bittner reported the only issue discovered was a substantial deficiency linked to the water/sewer inventory. In any other case, the crew observed no content weaknesses or other reportable deficiencies.
Beneath the economic highlights section of the CAFR, officials famous the all round economic position of the metropolis enhanced in 2020 with an raise in the total net position of $3.8 million, mostly from governmental things to do. The city cited elevated house tax revenues, Federal Unexpected emergency Administration Company reimbursements for formerly expended resources and lowered expenditures as explanations for the enhance.
“As of the close of the (2020) fiscal year, the City’s governmental resources documented combined ending fund balances of $14.9 million, an enhance of $3.2 million in comparison with the prior year,” the report goes on to point out. “Approximately 74.9% or $11.2 million is nonspendable, restricted, fully commited, or assigned.”
The unassigned general fund harmony, funds which could be put in at the government’s discretion, stood at $3.7 million at the conclusion of the fiscal yr, previously mentioned the town council’s adopted requirement of $2.5 million in minimum general fund harmony.
Get in touch with Elise Clouser at [email protected] by telephone at 252-726-7081 ext. 229 or follow on Twitter @eliseccnt.
