Getting your Trinity Audio player ready...

AHOSKIE – Despite spending roughly $250,000 more than it received last year, the Town of Ahoskie was able to increase its General Fund Balance.

That’s the finding of the FY 2023-24 audit, presented at the Ahoskie Town Council’s regularly scheduled meeting on Jan. 14.

Hunter Wiseman, an associate with Thompson, Price, Scott, Adams & Company, a certified public accounting firm based in Whiteville, presented the audit.

Wiseman said there were two issues revealed by the audit. One that the town needs to improve its segregation of duties, noting such is important for internal control.

“Different individuals need to have control over parts of the process,” Wiseman stated.

The second issue is an operating loss ($142,502) in the town’s water and sewer fund. The town is required to respond to the state’s Local Government Commission within the next 60 days regarding that financial issue.

As far as the raw numbers are concerned, the most notable improvement in the audit is in General Fund Balance, which stood at $4,461,889, an increase from the $3,192,198 that was reported in the FY 2022-2023 audit. Wiseman noted that from 2022 to 2024, Ahoskie’s General Fund Balance has increased in excess of two million dollars.

The 2023-24 General Fund Balance reflects 55.32 percent of revenue available vs. expenditures. That’s up by 10 percent from the 2022-23 audit and it far exceeds the 9.71 percent noted in 2020.

Meanwhile, property tax rates in Ahoskie have remained at 81 cents (per $100 of value) over the last five years. The tax collection rate is at 96.25 percent, slightly lower than the 96.61 percent as shown in the 2022-23 audit.

Ahoskie’s annual debt is decreasing, currently at $4,630,292, down from $5,109,040 in 2022-23.

General Fund expenditures ($6,673,689) did exceed revenues ($6,457,200) for 2023-24.

Ad Valorem taxes ($2,741,101) continue as the town’s leading financial source annually. Public Safety ($3,018,171) is listed as the top department receiving taxpayer dollars.

Following Wiseman’s presentation, council members approved the audit without objection.