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.
For more information on the audit results, contact Carly Hagg, Finance Director, at (910) 338-9735 or chagg@townofleland.com. A copy of the audit is available on the Town’s website.