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Town has 42.4 percent general fund balance

COLUMBUS—The Town of Columbus remains in strong financial condition reporting a 42.4 percent fund balance, or rainy day fund. 

Columbus Town Council heard from Terry Andersen, with Carland & Andersen, Inc. during its February meeting regarding the audit report for fiscal year 2019-2020, which ended last June 30. 

Andersen said the audit report has been reviewed and approved by the North Carolina Local Government Commission and the town has applied for a certificate of excellence. Andersen told council he believes the town will qualify for the award. 

Columbus had a general fund balance of $875,500, of which $561,000 is unassigned, meaning the town has a 42.4 percent available fund balance. 

The enterprise fund is also healthy, with a net position of $3.6 million. The unassigned fund balance for the town’s enterprise fund is $990,000, according to the audit report. 

Andersen said the town has sound fiscal management, which is the result of good management and internal controls. 

He also reported that the town’s ABC board audit has been completed and received recommendations to improve inventory control and tracking and maintaining adequate internal controls system and segregation of duties. 

Local governments normally began working on new budgets in the spring and must approve them by the end of the current fiscal year, June 30. Budget years run from July 1-June 30.