Murfreesboro receives FY23 audit report

Published 4:28 pm Friday, March 29, 2024

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MURFREESBORO – During their regular meeting on March 19, Murfreesboro’s Town Council received their annual audit report for the fiscal year spanning from July 1, 2022 to June 30, 2023 (FY23).

Rebekah Barr, the certified public accountant who completed the audit work, presented the information to the Council, joining in the meeting via Zoom. Barr stated first that the town had received a standard unmodified opinion, also known as a “clean opinion.”

“That means there were no changes and no exceptions to the audit report,” she explained.

She also noted that there were no findings in the FY23 audit.

Barr stated that the town’s total net position – which is based on total assets and liabilities – at the end of the fiscal year was $9.6 million “which is a good strong net position moving into 2023-24.”

According to the audit report, the town’s Fund Balance from the General Fund was $2.2 million of which $1.9 million was unrestricted. The town’s General Fund revenues totaled $2.4 million, with the largest portion coming from ad valorem taxes.

The total General Fund expenditures were listed as $2.3 million. Public safety, which includes police and fire, was the department with the largest expenditures.

In the Water/Sewer (Enterprise) Fund, the total revenue was $2.1 million while expenditures totaled $1.8 million.

The ad valorem tax collection rate was 97.60 percent for FY23.

Barr concluded her presentation by explaining that the delay in the audit report was because of staffing turnover in her office, and the town was not at fault.

Following the presentation, there weren’t any questions from the Council, but member Jay Revelle did state that he was glad they received an unmodified opinion, meaning that the town is following generally accepted accounting principles.

“It looks pretty good to me,” Revelle concluded.