Published 10:39 am Thursday, January 3, 2019
Members of the Farmville Town Council listened to a presentation concerning the town’s audit for Fiscal Year (FY) 2018, which ended in June, during the council’s meeting Dec. 12.
The audit was presented by Kim Jackson of Creedle, Jones & Alga, P.C.
The total net position for governmental activities, Jackson said, increased by approximately $1.8 million, the total for the 2018 FY being $10,682,374, whereas the 2017 FY was $8,912,307. Business-type activities, Jackson said, increased approximately $260,000 during the 2018 FY. The total with 2018 FY was $6,813,424, whereas the 2017 FY was $6,553,510.
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Business-type activities include water, sewer, transportation and airport, Jackson said.
The total cost of all governmental activities for this fiscal year was $11,397,782, according to the audit. Public works was the Town’s largest program with expenses totaling $4,787,285, according to the audit. Public safety, totaling $3,857,548, represented the second largest expense.
The ending fund balance for the 2018 FY, Jackson said, was $4,275,764, an increase of $469,920, or approximately $470,000 in comparison with the prior year.
She said approximately 71.18 percent of this amount is available for spending at the Town’s discretion (called unassigned fund balance).
The general fund balance, Jackson said, was $3,891,623, or approximately $3.9 million, an increase of $205,934 from June 30, 2017.
Jackson cited the findings as “across the board increases.”
Concerning the audit’s legal debt margin, Jackson said, the Town of Farmville cannot exceed 10 percent of the assessed value of real estate.
Jackson said the landfill obligation or compensated absences are not included with the tabulation. The town’s debt margin shows approximately $39.6 million.
According to the audit, the total assessed value of taxed real estate as shown is $525,065,080.
The debt limits in the Town of Farmville, per the 10 percent put in place by the Virginia Constitution, comes to $52,506,508.
The amount of debt applicable to debt limit, gross debt, comes to $12,920,180. The town’s debt margin of $39.6 millions comes below the $52.5 million debt limit, leaving a margin of $12.9 million.
Ward E Councilmember J.J. “Jamie” Davis, responding to Town Mayor David Whitus about whether members of council had questions about the audit, said no large scale issues were found with the audit, just minor recommendations.
“I applaud the town treasurer’s office for doing a great job,” Davis said.