Troutman, NC – The Town of Troutman received a clean audit report for the 2023-2024 fiscal year, signaling strong financial management and accountability. Accountant Alan Thompson presented the audit findings during Thursday’s town council meeting, commending Finance Director Justin Mundy and department heads for their dedication and cooperation.
The audit highlighted significant financial progress for the town, including:
- General Fund Balance: As of June 30, 2024, the town’s general fund balance stood at $6,103,894, with $5,163,878 available for discretionary use. This reflects a substantial increase from $2,962,750 in 2021.
- Expenditures: General fund expenditures totaled $10,478,679, an increase of more than $2 million compared to the previous fiscal year. Key expenses included the acquisition of the Dollar General site and other properties.
- Capital Projects: The fund balance earmarked for capital projects grew by $270,190 to $705,313.
- Water and Sewer Fund: The town’s water and sewer fund balance increased by $2,266,761, reaching $21,564,597.
Revenue highlights included:
- Property Taxes: The county collected 98.49% of Troutman’s ad valorem taxes on $1,303,632,000 in property valuation, amounting to $6,511,269.
- Other Taxes and Fees: Additional collections of $1,843,381 from taxes and licenses contributed to total general fund revenues of $10,347,480.
The town allocated its $10,436,394 in expenditures as follows:
- 44.48% to general government
- 26.73% to public safety
- 15.53% to streets and public works
- 4.95% to cultural and recreational activities
- 2.69% to capital outlay
- 5.61% to debt service
Council member Paul Henkel expressed satisfaction with the town’s financial improvements, stating, “This is the kind of thing that lets me sleep soundly at night.” Town Manager Ron Wyatt noted that while tax collections were slightly down, efforts are underway to recover outstanding obligations.
The council’s focus on financial planning has positioned the town for future growth and development, reflecting a commitment to fiscal responsibility and transparency.
