Town of Montreat issued the following announcement on Nov. 7.
The Town is happy to rep/ort that the 2021-2022 audit was submitted to the state prior to the official deadline and well before the November 30 grace period. We are also excited to report the Town is in excellent financial status. Here are several highlights from the audit report:
- The Town’s Net Position (Assets – Liabilities) increased 6.1% or $482,919 for the year, taking total Net Position to $8,408,718.
- Our Unassigned Fund Balance, which is essentially our savings account, stood at $893,598 at the end of the fiscal year, or 55.2% of general fund expenditures (52.8% of budgeted expenditures). Our Town policy states the Fund Balance must be at 35%. Due to our investments in the Town Hall and Public Works buildings, we have not adhered to this policy in several years. We are pleased to be significantly above the policy requirement as of June 30.
- We received no written internal control violations and no budget violations.
Original source can be found here.
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