The City of Fayetteville is in great financial shape. At Thursday night’s city council meeting, Miller Edwards, a CPA with Mauldin and Jenkins, shared the results of the Comprehensive Annual Financial Report, and the outlook from the annual audit process is promising.
Good stewardship has the city’s finances in “good, healthy shape,” said Edwards. Last year, the city took in roughly $1 million more in revenues than they had in expenditures, providing a huge boost to the general fund balance.
“If you all had shut the doors on July 31 and not taken anymore revenues in, you could’ve gone for seven months, the start of the fiscal year, without taking in any more dollars to fund the expenditures,” he said, noting that’s about five months longer than most municipalities could afford.
The staff in charge of finances are what keeps the engine running smoothly.
“We found no issues whatsoever relative to your internal control,” he said of it holding up to exhaustive testing. “You’ve got an excellent team in place that stays on top of all these rules and ratings, and that’s a good thing. I can’t say that everywhere I go.”
The one area highlighted for possible improvement is the pension plan. Currently, it is about 67 percent funded. Similar cities tend to top out more in the 80-85 percent range. Edwards suggested council consider adding to pension plan funding in the event of a cash surplus in the future.
The bottom line is Fayetteville is in good shape.
“Overall, it’s a very clean audit. It’s a good looking financial statement,” said Edwards. “There’s a lot of good things going on when you look at this financial report.”