VINTON — The Town of Vinton is in good financial shape, according to the audit of the fiscal year ending Sept. 30, 2018.
CPA Coy Vincent reported a clean, unmodified opinion and said there were no findings or issues regarding the budget. The governmental fund balance, which includes general, sales tax revenues and capital project funds totaled around $3.5 million.
“That number is about 124 percent of your (the Town’s) annual operating expenses,” said Vincent. “As a rule of thumb, usually 50 percent is considered a strong position. So, you guys are doing a good job.”
Vincent said there was an increase in the general fund of about $500,000 from the previous year.
The Town collected $1.1 million in sales tax during the last fiscal year — a 4.5 percent increase from the prior year. General fund revenues totaled $2.4 million and expenditures totaled $2.8 million. After transfers in, the general fund balance totaled $1.1 million in unrestricted funds.
Cash assets in the utility fund totaled around $2.2 million, a $200,000 increase over the prior year. The utility fund balance totaled around $6.1 million. Vincent said that represents about 145 percent of the Town’s annual operating expenses.
“Again, you can see, it’s another strong position,” he said.
Overall, the utility fund took in $4.5 million in revenues from electric, water, and sewer — an increase of almost 10 percent from the previous year. Operating expenses totaled around $4.2 million. The total operating income for the year was $334,776, a substantial increase over the prior year’s total of $17,000.
“The Town had a very good year,” said Vincent.