Annual Audit Information
An annual independent audit is performed on the Town's financial statements for the fiscal year which runs July 1 - June 30.
The North Carolina General Statute 159-34 requires each unit of local government and public authority to have its accounts audited each fiscal year and to submit a copy of the audit report to the Secretary of the Local Government Commission (LGC) as soon as possible after the close of the fiscal year. Audits are performed by an independent auditing and accounting firm. The city's audit reports are due by October 31.
Financial Highlights of the Audit ending June 30, 2019:
- The assets and deferred outflows of resources of the Town of Rutherfordton exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $13,648,989 (net position).
- The Town’s total net position increased by $356,733 primarily due to an increase in capitalized assets along with recognition of debt proceeds. The Town also received significantly less ad valorem tax revenue from county-provided estimates used in budgeted amounts, but adjusted expenditures to account for the decrease. Another stimulant to the increase of net position was the use of debt proceeds for capital spending.
- As of the close of the current fiscal year, the Town of Rutherfordton’s governmental funds reported combined ending fund balances of $3,230,936. That amount is an increase of $276,658, in comparison with the prior year. Approximately 46.80 percent of this total amount, or $1,512,135, is non-spendable or restricted.
- At the end of the current fiscal year, the unassigned fund balance for the General Fund was $1,718,801, or 40.26 percent, of total General Fund expenditures.
- The outstanding debt for the Town is $2,353,936 at June 30, 2019. The Town paid debt service in the amount of $267,069.