The Town of Nashville is in good financial shape, Dale Place reported to town council members during the board's annual budget retreat.
Place, of May and Place, P.A., performed the town's audit and presented his report to the board during their retreat, which was held on Friday, February 24.
Highlights of the audit were:
Assets and deferred outflows of resources of the Town of Nashville exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $17,958,006 (net position).
The government's total net position increased by $905,864 due to increases in both governmental and business-type net positions.
As of the close of the current fiscal year, the Town of Nashville's governmental funds reported combined ending fund balance of $5,186,910 with a net decrease of $44,286 in fund balance. Approximately 10.4 percent of this total amount, or $539,566, is non spendable or restricted.
At the end of the current fiscal year, unassigned fund balance for the General Fund was $4,647,344 or 90.9 percent of total general fund expenditures for the fiscal year.
The Town of Nashville's total debt decreased by $721,279 (30.6%) during the current fiscal year. The key factor in this decrease was the town paid off one of the Rural Development Community Facility loans held with the US Department of Agriculture with the payoff amount of $503,251. This also contributed to the small decrease in the fund balance mentioned above.
"Everything has stayed consistent and as usual, everything remains in good shape," Place told council members.
Place also told council members that Finance Director Linda Modlin had made some changes that have helped the town with weaknesses in internal control, which was a plus for the town.
"You don't have that weakness this year and everything looked to be in good shape," he said.