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Originally published: 2014-01-23 20:22:03
Last modified: 2014-01-23 20:31:12

Boone receives 2012-13 audit

by Anna Oakes

An independent audit of the town of Boone's 2012-13 financial statements cited no areas of concern, concluding that the town's ledgers provided a fair presentation of the town's financial position.

A representative from Combs, Tennant & Carpenter P.C. presented the firm's audit report to the Boone Town Council on Tuesday. The 2012-13 fiscal year began July 1, 2012, and ended June 30, 2013.

The town's nearly $70 million in assets exceeded $6.7 million in liabilities by a net total of $63.3 million, according to the statements. Net assets increased by $2,983,061 from fiscal year 2011-12 to fiscal year 2012-13.

Slightly more than half of the town's assets are capital assets, including land, buildings, machinery and equipment, the statements indicated. The town's debt decreased $357,777, or 8.75 percent, to $3.7 million. New debt included a loan to purchase a fire truck.

The town does not hold a current bond rating because the town has no outstanding bonded debt, but its last ratings were an A from Standard & Poor's and A2 from Moody's Investor Services.

Combined, governmental fund balances totaled $14,808,232, a net decrease of about $1.2 million from the year before.

The fiscal year-end unassigned General Fund balance was $12,113,315, which was equal to 75.1 percent of total General Fund expenditures for the fiscal year. The town's goal is to maintain an unreserved fund balance equal to at least 35 percent of annual General Fund expenditures.

The town's property tax collection rate was 98.47 percent in 2012-13. Sales tax revenues decreased by $264,986 because of the change in local sales tax distribution in the months of May and June. The Watauga County Board of Commissioners voted last year to change the sales tax distribution from a per capita method to an ad valorem method.

To review the town's 2012-13 financial statements, visit http://www.townofboone.net/departments/finance/finance.php and download the documents under the heading "Audit Report FY 2012/2013." A copy of the town's 2012-13 financial statements is also available at Boone Town Hall.