Williamston Town Council heard the annual audit presentation during their meeting Monday.
Auditor Andrew Coleman, of Greene, Finney, & Cauley told Council that the Town had received an unmodified opinion, which he said “is the best opinion you can receive”.
In his presentation, Coleman said the town Fund Balance had increased by $678,000 from $2,526,000 to $3,204,000. The restricted fund balance for victim’s assistance and nuisance abatement has $27,000.
The General Fund balance is at 73 percent of 2023 actual expenditures and 86 percent of 2024 budgeted expenditures. The GFOA recommends a minimum of 16.7 percent or two months, Coleman said.
General Fund revenues increased $356,000 from 2022, including increases of grant revenue of $63,000. The Town also received $1 million in ARPA funds. Other increases included: property tax $155,000; resource office $51,000; franchise fees $35,000 and licenses and permits $28,000.
Revenues for the Town were over budget by $731,000. Items that brought in more money than budgeted included: grant revenue $104,000 over; licenses and permits $170,000 over; hospitality tax $77,000 over; property tax $184,000 over and franchise fees $60,000 over.
General Fund expenditures for 2023 were $4,279,000. Expenditures for public safety were $1,649,000; general government $1,058,000; public works $498,000; recreation $451,000 and capital outlay $623,000.
There was only a $20,000 increase in General Fund Expenditures from 2022. Capital outlay increased by $8,000; general government increased by $123,000 and recreation increased by $52,000. Public works decreased by $34,000 and Public safety decreased by $6,000.
The Town came in $689,000 under budget even with public safety over by $93,000, recreation over by $67,000 and public works over by $39,000, all due to higher operating expenditures.
General Government expenditures were $978,000 under due to lower operating expenditures which were covered by ARPA funding.
The Water Enterprise fund had operating revenues of $1,132,000 compared to $1,161,000 for 2022. Operating expenses were $1,114,000 compared to $1,199,000 for the year before. There was a decrease of $53,000 in operating supplies and a decrease in salaries and benefits of $13,000.
The fund had operating income of $18,000 for 2023 compared to an operating loss of $38,000 for 2022. There was a non-operating loss of $15,000 compared to a non-operating loss of $19,000 for 2022.
The water fund net position is at $3,504,000 compared to $3,501,000 for 2022. The fund is needed for future infrastructure repairs and replacement.
The Sewer Enterprise fund had operating revenues of $1,137,000 compared to $1,252,000 for the previous year. Operating expenses were down slightly to $1,415,000 compared to $1,455,000 the year before. There was a decrease of $5,000 in salaries and benefits and a decrease of $56,000 in operating expenses.
The sewer fund had an operating loss of $279,000, compared to $203,000 in 2022.
There was non-operating income and capital grants of $313,000 compared to $494,000 for 2022. The fund has CDBG and RIA grants revenues of $405,000 for sewer projects that have been ongoing over the last year.
The net position is $8,386,000 an increase of $35,000, which is needed for infrastructure repairs and replacement, Coleman said.
Capital assets saw an addition of $1,310,000, primarily utility systems and construction in progress including the new pickleball courts and utility systems projects.
Long term debt is $3,483,000, a decrease of $226,000. Total debt payments for 2024 are expected to be $333,000.
Coleman said the Town had one transaction which was recorded in the wrong period, which was corrected. The audit also included a single audit for the Coronavirus funding, he said.
“it is a very good audit report,” he told Council. “We see alot of increase. The general fund revenue increased.” He cautioned that alot of the increase was from the ARPA funding.
Mayor Rockey Burgess said that the property tax revenue increase was before the increase in the 2024 budget and the Hospitality Tax revenue had an increase of approximately $50,000. “We now collect approximately $327,000”, he said. He attributed the increase to the pickleball courts and other “things we are doing to continue to attract people, who come and spend their money.”
