During their meeting Monday, Williamston Town Council heard the annual audit report.
Auditor Andrew Coleman of Greene, Finney & Cauley Accounting told Council that the Town received an “Unmodified” opinion, which is the best it can get.
Coleman reported that the General Fund balance had increased by $722,000 from $3.2 million to just over $3.9 million.
The unassigned fund balance is $3,885,000, which is 101 percent of 2024 actual expenditures and 99 percent of 2025 budgeted expenditures. Coleman said the GFOA recommends a minimum of 16.7 percent (two months) be kept in the fund balance.
General Fund revenues decreased by $391,000, mainly due to a decrease in grant revenue of $925,000 (stimulus funds) the Town received last year.
The Town saw an increase in property taxes of $222,000; sanitation fees $36,000; and licenses and permits $93,000.
Town revenues were underbudgeted by $899,000. As a result revenues were greater than expected primarily due to grant revenue of $57,000; licenses and permits, $270,00; Hospitality taxes $115,000; Property taxes $154,000 and Franchise fees $72,000.
General Fund expenditures for 2024 were $3.832 million. The largest portion of that was for Public Safety with expenditures of $1.872 million. Also General Government $723,000; Public Works $571,000, Recreation $542,000 and Capital Outlay of $124,000.
Overall expenditures decreased by $447,000. Capital outlay decreased by $498,000 and general government decreased by $335,000. Other areas saw increases in expenditures including Public works $73,000; Public safety $223,000 and Recreation increased by $91,000.
The audit showed the Town was overbudget by $127,000. Public Safety was $30,000 over budget due to higher operating expenditures; Recreation was $18,000 over due to higher salaries and benefits and Public Works was $46,000 over budget due to higher operating costs. General Government expenditures were under budget by $53,000 due to lower salaries and benefits, Coleman said.
The Water Fund had operating revenues of $1.365 million. Operating expenditures were $1.2 million. Operating expenses saw increases of $50,000 for supplies and $14,000 for salaries and benefits.
Operating income was $163,000 compared to income of $18,000 for the prior year.
The fund had a Change in Net Position of $168,000, compared to $3,000 for the prior year. Net Position is $3.672 million. The fund has Unrestricted funds of $1.579 million, which are available for future infrastructure repairs and replacement, Coleman said.
The Sewer Fund had operating revenues of $1.358 million. Operating expense was $1.279 million, a decrease in repairs and maintenance of $238,000.
Operating income for the fund was $79,000 compared to an operating loss of $279,000 the prior year. The Net Position saw an increase of $6,000, to $8.392 million. Of that, $1.225 million is unrestricted and can be used for infrastructure repairs and replacement.
The Town’s long term debt was $3.251 million which includes a sewer bond which matures in 2051 and water meter finance purchase which matures in 2026. Annual payments on those are $162,000 and $171,000.
“The General Fund and Water Fund are in very good financial condition,” Coleman said. The sewer fund is adequate.”
Mayor Rockey Burgess said most repairs for water and sewer are approximately $20,000 to $30,000. “That is why we like to keep such a good fund balance,” he said. He said the funds can be leveraged for grant matches for projects.
