History, Charm and Southern Hospitality
State law requires the Village to publish financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to this requirement, the Village issued the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2012 to the Village Council on November 13, 2012.
The Village’s financial position through the fiscal year ended June 30, 2012 is good. The Village’s general fund revenues exceeded expenditures by $542,000. Ending the year with this surplus means that none of the fund balance appropriated was used.
This also improved the Village’s fund balance position compared to the previous year with an ending total fund balance of 43.6% of budgeted expenditures. The Village's fund balance policy adopted in May 2010 sets a fund balance target of 30% - 40% of budgeted target range. However, most of the addition to fund balance outlined above is due to capital projects that were not completed at year-end. Funding for the unfinished projects was reappropriated in the current fiscal year. Adjusting the addition to fund balance for these reappropriations negates most of the addition, leaving us with a break-even year. Overall, the Village's balance sheet is strong our debt levels are low. Council and Village managers will however need to remain vigilant to control expenditures with the lower levels of revenue growth we continue to experience.
To read the CAFR in its entirety, please click here. Also presented with this year's CAFR was a Financial Condition Assessment. The assessment compares selected financial information from the Village's audited financial statements to that of our peer municipalities. The report is presented in a graphical "dashboard" format. The reporting tool used to create the assessment was developed by the UNC School of Government and adopted for use by the Financial Services Department.
