Audit: Spencer finances in good shape
Published 12:00 am Wednesday, December 2, 2009
By Steve Huffman
SPENCER ó Despite some rough economic times, the town of Spencer was declared in fine financial shape Tuesday night.
“You had a pretty good year last year,” Eddie Carrick of Allred and Carrick CPAs told members of the Spencer Board of Aldermen while presenting the town’s annual audit.
His remarks came during the board’s monthly meeting.
Carrick said the highlight of the report was an increase of $319,000 in net assets, due primarily to increased operating income in the general fund.
Carrick said that at the end of the past fiscal year, Spencer’s governmental fund reported ending balances of $1.9 million, an increase of $715,945 from the previous year.
Approximately 54 percent of that money, Carrick said, is unreserved fund balance and available for spending at the government’s discretion.
Carrick told aldermen that administrative expenses dropped 3 percent in the past year.
“You should be commended,” he said. “You put more money into services for the town.”
Carrick said he’s given audit reports to six other municipalities in recent weeks and said he’s told aldermen in each pretty much the same thing: Hold tight until the recession eases.
“Just remain conservative,” Carrick told the Spencer board. “Y’all have always done a good job of that in the past. Y’all can weather the storm and provide services that residents of your town demand.”
In other matters handled at Tuesday’s meeting, board members:
– Set the date for their annual retreat for the weekend of Jan. 30-31. A meeting with department heads will be held from 6 p.m. to 9 p.m. on Jan. 30, and the board’s regular retreat will be held from 8:30 a.m. to 5 p.m. on Jan. 31, a Saturday.
The site of the retreat hasn’t been decided. Aldermen said they’d like to see a number of town residents turn out for the event.
– Appointed Marty Lineberger to the Historic Preservation Commission, reappointed Jim Gobble to the Planning Board and reappointed Sharon Hovis to the Zoning Board of Adjustment.
Aldermen encouraged any town resident interested in serving on a town board or commission to call Town Hall and make their wishes known.
– Approved a resolution declaring February Black History Month.
– Approved a resolution recognizing Martin Luther King Day on Jan. 19.
– Approved the donation of surplus body armor vests from the police department to the N.C. National Guard for use in Guard members’ deployment to Iraq.
– Approved a resolution expressing opposition to the 21st Century Transportation Committee transferring responsibility for maintenance of 5,000 miles of secondary roads to municipalities. The request to pass the resolution came from the Cabarrus-Rowan Transportation Advisory Committee.
Contact Steve Huffman at 704-797-4222.