Nov. 19. By Dave Vieser. The town’s annual audit, unveiled at Monday’s Town Board Meeting, landed the best rating a town can achieve, an “unmodified opinion.”
Quotable
“The Finance Department which serves our town government does a stellar job for our board and me. This is evidenced by the year after year clean audit received by our auditor,” said Mayor Woody Washam. “This supports our AAA Bond rating and our superior reporting to state agencies who oversee municipalities. I am very appreciative for staff’s excellent work.”
The Town’s net position increased by $15,142,762, due to better than anticipated revenue growth from sales tax, and other unrestricted and restricted revenue sources such as interest earnings, according to Claire Chase, senior accountant with Martin Starnes Associates.
Photo by Jason Benavides
—Due to ongoing supply chain and labor shortages, some capital projects were delayed such as police vehicle purchases that are now planned to be completed in FY 2025 which ends on June 30 next year.
—The Town supplanted public safety salaries and some benefits utilizing $4,821,414 in federal American Rescue Plan funds.
—The audit did not identify any material weaknesses or deficiencies and classified Cornelius as “low risk.”
All units of local government and public authorities in North Carolina are required to have their accounts audited annually and to submit the audit report to the Secretary of the Local Government Commission.
