The Franklin News-Post|
P. O. Box 250
310 Main Street, SW
Rocky Mount, Virginia 24151
Monday, February 18, 2013
The Town of Rocky Mount received a "clean audit" and ended fiscal year 2012 with a healthy fund balance, according to Robinson, Farmer, Cox Associates.
Deanna Cox of the auditing firm told town council Monday night that the town's debt per capita was lower than the state average as of June 30, 2012, when the fiscal year ended.
"And that's a good thing," she said.
She also noted that the town's fund balance was stable and that debt is gradually decreasing.
The town's revenue is stable but expenditures have tracked up gradually, " but not at an alarming rate," Cox said.
According to the audit report, which town council voted unanimously to accept, the total assets of the town exceeded its liabilities at the close of the fiscal year by $31,487,473.
The town's total net assets decreased by $250,064 as a result of the town purchasing the old Lynch Hardware building to house a performance center and the $173,200 invested in the uptown revitalization project.
The town's governmental funds reported an ending fund balance of $10,547, 431, a decrease of $677,522 in comparison to the prior year, according to the report.
In other matters, council:
•Voted to accept American Electric Power's offer to extend its current rates until completion of negotiations for a new rate.
•Approved a request of the Rocky Mount Beautification and Urban Design (BUD) Commission for the appointment of Aaron Burdick as a voting member of the commission. Burdick is the executive director of the West Piedmont Planning District Commission.
•Approved a request from the Child Advocacy Center to hold its eighth annual Johnny CASA 5K run/walk event in Rocky Mount.
The event will be Oct. 12 at 8:30 a.m. with the route beginning at the intersection of Church and Main streets, then proceed to Benjamin Franklin Middle School. The event will end at Bank Street.
•Approved a request from the Outlaw Car Cruisers Club to hold an annual car show and cruise-in events on Franklin Street. The events will be held on May 26, June 24 and Aug. 31.