By Dan McDermott
12:44 pm EDT January 4, 2024
STRASBURG, Va.—Strasburg Town Council heard from Robinson, Farmer, Cox Associates (RFC) auditor James Kelly at the start of their first Work Session of the new year Jan. 2 in Town Hall.
Kelly noted that the town had received the Certificate of Achievement for Excellence in Financial Reporting again for fiscal year 2023 by the Government Finance Officers Association. “Achieving that shows that the town is interested in presenting the best financial report that they can to the citizens and also to lenders and grantors,” Kelly said.
RFC also rendered an “Unmodified Audit Opinion,” which is the highest level of assurance municipal CPAs give, according to a slide presentation from Kelly.
Some highlights of Kelly’s presentation were:
Strasburg had an ending net position of $41,517,261 of which $9,670,228 was unrestricted, representing an increase in net position of $2,706,937.
The net investment in capital assets was $31,235,330.
Cash and investments were $15,493,398, an increase of $2.3 million over the prior year.
Prepared on the modified accrual basis, Strasburg had an ending fund balance for general fund of $6,912,760, an increase of $255,469 compared to FY2022 fund balance.
The general fund unassigned fund balance was $3,845,090.
The town has a policy that the unassigned general fund balance should be more than 20% compared to expenditures and in 2023 that was over 50%, Kelly said, noting that the sewer and particularly water funds were also above their minimum threshold percentage balances for unassigned versus preallocated funds.
The town took in more than it budgeted for in no small part due to the increase in interest rates. Highway maintenance funding from the state also increased, Kelly said.
The presentation showed that expenses were about $69,000 less than the budgeted amount for 2023.
Strasburg Town Manager J. Waverly Coggsdale, III said Council would vote whether to approve the audit in a future meeting.
After thanking those who participated in the financial matters, Councilman Brad Stover noted that “at least this year we aren’t losing money on the trash. I’m thankful that we are now charging the appropriate funds to collect the trash,” Stover said.
