The Town of Farragut again has earned high marks from its auditor, as well as a Certificate of Achievement for Excellence in Financial Reporting, which is Government Finance Officers Association.
After reading the firm’s opinion, Bob Bean of with Ingram, Overholt & Bean, said, “That means you have a clean opinion. That means the financial statements are in accordance with generally accepted accounting principals.” In thanking Allison Myers, Town recorder, and her staff, Bean noted, “She welcomes us with open arms.”
“Thank you, Allison, for all your hard work,” Vice Mayor Louise Povlin said.
Town administrator David Smoak said the Town has received the award for 26 consecutive years.
“That’s a really huge accomplishment … especially when you have no findings this year in our report. That’s a really big deal,” he said. “Also, what’s a big deal is we’ve been able to double our fund balance in just a five-year period.
“We’re in great financial shape,” Smoak added. “I think a lot of other cities would like to be in the same position we are currently.
“I think that goes a lot to the Board being fiscally conservative, as well as staff watching our budget and watching our numbers, and Allison and her staff doing a great job of making sure all of those dollars are going to the right places.”
According to the financial statements, the Town ended fiscal year 2018 (June 30) with assets totaling $17.5 million in the general fund, $14.7 million in its capital investment projects fund, $2.6 million in other government funds, which all total $34.8 million in 2018, compared to $29.5 million in fiscal year 2017.
The Town’s liabilities totaled $688,054 in 2018, compared to $325,587 in 2017.
This left the Town with a fund balance of $17.1 million in its general fund, $14.4 million in its capital investment fund and $2.58 million in other government funds, which totaled $34.1 million for 2018, compared to $29.1 million in 2017.
Bean said the Town’s net position of government activities is $72.2 million in 2018, compared to $65 million in 2017.
“As you can see, it’s increased by about $7 million,” he said. “Part of that are cash and investment.
“So you had the distinction of not having a lot of debt,” Bean said. “Most cities, if you read the paper, have a lot of debt.
“The Town is in good hands,” he added. Bean said there were no findings while auditing the Town.
“So, all in all, you’ve got a clean audit,” he said.