FROM STAFF REPORTS

An independent auditor gave the Town of Mooresville high marks in his annual review Monday night and said the town ended fiscal year 2018-2019 in a strong financial position.

Bob Taylor of Potter and Company, P.A., provided a brief summary of the town’s 201-page financial report during Monday’s Board of Commissioners meeting. There were no exceptions to the auditor’s findings.

Commissioners applauded the town’s Finance Department staff for its work on the financial report.

Highlights

The town’s total net position increased by $21,858,669 during the year. The net position of the governmental activities increased by $10,964,112 and the business-type activities increased by $10,894,557.

On June 30, 2019, the town’s governmental funds reported combined ending fund balances of $55,582,038, an increase of $14,163,856 over the prior year.

At the end of the fiscal year, unassigned fund balance in the General Fund was $27,594,819, which represents approximately 43 percent of the general fund expenditures for the previous year.

Financial Operations

The auditor praised the Iredell County Tax Collector’s Office for collecting 99.92 percent of taxes owed during the fiscal year, which represented a slight improvement from 99.18 percent the previous year. The state average is 98.03 percent.

The town reported increased investment earnings of $1,038,214.

The town sales tax revenues increased $839,511 — to $11,236,571 — due to economic growth.

Increased sales and charges for services increased $3,314,352.

Capital Assets & Debts

The town has assets totaling $305,357,676.

Total debts are $169,715,016. Among the debt, $40,420,000 is backed by the full faith and credit of the town. The remainder of the town’s debt related to governmental activities is secured by capital.

Read the Financial Report HERE