Purcellville Closes Out Year With Budget Surplus

Purcellville, Virginia – Independent auditor, Robinson, Farmer, Cox and Associates, presented the Town of Purcellville Comprehensive Annual Financial Report (CAFR) to the Town’s Ways and Means Committee at its regular meeting on Monday, December 5. The lead auditor, Stephanie Laos, reported that the Town ended last fiscal year on June 30, 2011 with a surplus, a strong rainy day fund of $4.4 million, and a clean audit opinion – the highest rating it can receive.

“The audit went very well,” said Laos. “The Town’s unassigned fund balance is equivalent to 52 percent of general fund expenditures which is an excellent place to be,” she said. The Town Charter and Code of Virginia require an annual audit performed by independent
certified public accountants of the Town’s financial affairs. The entire CAFR report may be found on the Town website, purcellvilleva.gov. Earlier this year, the Town received its third “Certificate of Achievement in Financial Reporting” presented by the Government Finance Officers Association of the United States and Canada for the June 30, 2010 report. This award recognizes governments whose CAFR reports achieve the highest standards in governmental accounting and financial standards.

“With strong, prudent and conservative fiscal management, the Town has been able to increase its rainy day fund while adopting a tax rate that has either cut or equalized the Town property tax for five consecutive years,” said Mayor Bob Lazaro. “It is a record that the staff and Council can
be proud of.”

Posted by Charles Penifore on Dec 12 2011. Filed under News, Purcellville. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry