Gibsonville’s board of aldermen recently received the all-clear when they were presented with the results of the town’s financial audit.
The town’s board was told by Craig Hopkins of Gibson & Company last week that they had received an “unmodified opinion” for the most recent budget year, which ended on June 30 of last year.
“That’s the accounting jargon for a clean opinion, basically saying all the ‘I’s were dotted and the ‘T’s crossed,” Hopkins explained. “You can’t get any better than that.”
During his short presentation, which lasted less than ten minutes, the accountant commended the town on its large amount of unrestricted funds in both the general and water and sewer funds. Of the $2.9 million total general fund balance, the town closed out its 2020 fiscal year with $1.47 million in unrestricted funds. In the water and sewer fund, which has a total balance of $3.2 million, there are $1.74 million in unrestricted funds.
As of the end of June, the town’s general fund has assets totaling $3.2 million, $2.1 million of which is unrestricted; liabilities total $300,000.
The general fund balance also increased, or “profited,” by about $105,000, while capital expenses cost the town over $700,000, much of which went toward equipment for the town’s departments.
Additionally, the town’s general fund brought in $6.3 million in revenue, a total that was overshadowed by $6.6 million in expenses. Town staff transferred $372,000 into the general fund to fix the deficit, Hopkins said.
Water and sewer fund brings in “a pretty healthy profit”
The town’s water and sewer fund brought in $532,000 in revenue during the last fiscal year, ending with revenues totaling $3.75 million and expenses adding up at $3.2 million.
“That’s a pretty healthy profit for the water and sewer fund,” Hopkins said.
The fund’s total balance rested at $3.2 million at the end of the budget year, with $1.74 million unrestricted. Assets for the fund totaled $2.5 million, $1.8 million of which is unrestricted.