Town of Boone receives clean 2011-12 audit
by Anna Oakes
Independent auditor Combs, Tennant & Carpenter P.C. delivered an unqualified opinion that the town of Boone's financial statements for the 2011-12 fiscal year fairly presented the financial position of the town.
The auditor submitted its report to the town Dec. 10, 2012, and presented an overview of the report to the Boone Town Council Feb. 19. The 2011-12 fiscal year began July 1, 2011 and ended June 30, 2012.
The assets of the town exceeded liabilities at the close of the fiscal year by $60,310,458. Total net assets increased by $3,063,439.
At the close of the fiscal year, the town's combined fund balances were $15,979,605, with a net increase of $1,080,662.
Cash reserves in the General Fund amounted to $13,227,092 -- 104.7 percent of General Fund expenditures for the fiscal year. The state Local Government Commission recommends that municipalities maintain unreserved balances equal to at least 8 percent of annual expenditures.
Total debt decreased by $959,318, or 19 percent, as a result of debt retirement and no additional debt being issued.
Because the town has no outstanding bonded debt, it no longer has a current bond rating, according to a letter from Finance Director Amy Davis in the financial statements.
To review the town's 2011-12 financial statements, visit http://www.townofboone.net/departments/finance/finance.php and download the documents under the heading "Audit Report FY 2011/2012."