Elon’s board of aldermen was given the all-clear on Monday night when it received the results of the town’s annual financial statement audit.
In a presentation by Stout, Stuart, McGowen, & King representative Patricia Rhodes, the board was told that the accounting firm had an “unmodified opinion” for the town’s most recent fiscal year, which ended on June 30 of last year.
The firm’s report was the best case scenario, Rhodes explained, and was the result of factors like the firm encountering no issues carrying out the audit, all necessary adjustments — described by the representative as being mild — being made to the town’s financial statements, and a lack of “material weakness or significant deficiency” to report.
The aldermen were also told that the town had low debt — Rhodes said that the debt had decreased around $82,000 from the previous fiscal year to around $213,000 — and a solvency ratio of 72.2 percent, placing it high above the state average of 46 percent. A town’s solvency ratio, she said, is “a good indicator about the health of the town.”
The town is also reported to have a high tax collection rate of 99.77 percent.
On a less-welcome note, the aldermen were told that they will soon be required to hire two accounting firms instead of one to handle its financial statements and audit process. Rhodes explained that the change results from stronger regulations for auditors for the purpose of what the representative described as maintaining auditors’ “independence.”
Twin Lakes presents plans for expansion to community, fitness centers
Plans for a 5,556-square foot expansion to Twin Lakes’ community center and neighboring fitness center came before the board without any concerns from the aldermen.
The expansion, assistant town manager and planning director Pam DeSoto explained, is designed to add more amenities to the facility and create an indoor connection between the two buildings.
The new additions are set to include an enlarged library, additional meeting spaces, a pub, and more offices. The senior living community also plans to add more fitness class offerings through the expansion.
The board is scheduled to make its final decision on the addition at its regularly-scheduled meeting on Tuesday.