Mike Bradford of the accounting firm Phillips, Dorsey, Thomas, Waters & Brafford told members at Monday’s meeting of the Vance County Board of Commissioners that the county has received an unqualified audit opinion for fiscal 2007.
An unqualified opinion is the highest possible rating.
According to Bradford, the county had revenues of approximately $44 million last year. Of that, about $385,000 was surplus. In addition, the county also came in $1.8 million under budget.
This allowed the county’s fund balance to increase by around $513,000 for an unrestricted balance of $10,360,000, or about 22.9% of the total budget.
The North Carolina Local Government Commission (LGC) requires an unrestricted balance of at least 8% and recommends a balance of 24%.
Home in Henderson is unable to produce more exact figures at this time. A request was made to Vance county government for a copy of the audit on January 5, 2009. HiH is awaiting notification that a copy has been made available.
Bradford told members that the only “hiccup” in the audit is the solid waste fund. He indicated that the fund is not “self-sustaining” and that it should be. He told commissioners that the LGC may write the county a letter regarding that issue.