Meeting set to cover audit
Published 5:22 pm Wednesday, December 12, 2018
Members of the Lunenburg County Board of Supervisors are set to hear a presentation in regards to the county’s Fiscal Year 2018 audit during the board meeting Thursday, according to documentation from the county.
The meeting is scheduled to take place 6 p.m. at the Lunenburg Courthouse.
The presentation is set to be conducted by Robinson, Farmer, Cox Associates. The audit examines finances through the fiscal year that ended June 30, 2018.
County Administrator Tracy Gee said the presentation takes place annually in order to highlight or answer questions about finances from the previous fiscal year.
According to highlights from the financial audit report provided by Lunenburg administration, the county’s assets reportedly “exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $13,572,489 (net position).”
According to documentation from the report, “(t)he Governmental Funds, on a current financial resource basis, reported revenues and other financing sources in excess of expenditures and other financing uses of $1,332,456 (Exhibit 5) after making contributions totaling $3,540,000 to the School Board.”
The report further stated that at the close of the current fiscal year; the County’s funds reported ending fund balances of $10,197,564, cited as an increase of $1,332,456 in comparison with the prior year. At the end of the current fiscal year, unassigned fund balance for the general fund was $7,792,036 or 65 percent of total general fund expenditures and other uses.
The combined long-term obligations, according to the report, decreased by $1,667,493 during the current fiscal year.