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December 13, 2012

Tarboro audit reveals stability

TARBORO — “Tarboro’s strong financially.”

With those three words, CPA Charles Flowers of Flowers & Stanley, LLP, summarized the Town of Tarboro’s audit for the fiscal year ending June 30 at Monday’s meeting of the Tarboro Town Council.

North Carolina law requires local governments publish a complete set of financial statements within six months of the close of each fiscal year.

Flowers said the audit was unqualified, meaning there were discrepancies found, and no exceptions taken.

According to the financial statement, which was prepared by Finance Director Karla McCall, the town’s assets exceeded its liabilities at the close of the fiscal year by nearly $63 million. The assets of the governmental activities exceeded liabilities by slightly less than $20 million and the assets of the business-type activities exceeded liabilities by slightly less than $43 million.

“You are in an enviable position for a town of any size,” Flowers noted.

There was more good news.

At the close of the fiscal year, the town’s governmental funds reported combined ending fund balances of $4.352 million — an increase of $619,271 in comparison with the prior year. Approximately two-thirds of that amount, or $2.896 million, is either non-spendable, restricted or assigned.

In other action:

• Held a public hearing to consider and act upon a request by Frank Jenkins of Checker Cab for a Certificate of Convenience for four cabs. This item was later considered during the meeting.

•  Adopted a resolution amending the traffic schedule to remove controlled residential parking in the area of the former Runnymeade Mills. This change affected First Street between Fountain and Runnymeade, Hall Street between Runnymeade and Fountain and Runnymeade Street from Hall Street to Pearl Street.

• Agreed to direct Town Clerk Leslie Lunsford to certify the sufficiency of a petition filed by Education Capital Solutions, LLC in regards to the annexation of 52.31 acres — the former Mary Frances Center, which is now the future location of North East Carolina Prep School.

• Named Rick Lambert to fill the remaining 14 months of an unexpired term on the Historic Commission.

Following up on the public hearing for the Certificate of Convenience for Checker Cab, the council considered the formal application for four cabs.

During discussion of the matter, the question was asked regarding the safety inspections of the cabs. Police Chief Damon Williams told council the cabs had been inspected about a week-and-a-half ago and that all passed inspection.

At that point council member Garland Shepheard asked, “Even the one that has its wiper blade sticking straight up?”

Williams responded, “About a week-and-a-half ago and all passed inspection.”

On Wednesday morning, the vehicle to which Shepheard was referring, a black Ford, was observed in the downtown area as a light rain fell with no operating windshield wipers.

Monday’s meeting was the last regularly scheduled meeting of the year. The next meeting will be at 7 p.m. on Monday, Jan. 14.

 

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