11/11/07 — Auditor finds Pikeville's finances in 'solid' shape

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Auditor finds Pikeville's finances in 'solid' shape

By Nick Hiltunen
Published in News on November 11, 2007 2:00 AM

An auditor gave the town of Pikeville a glowing financial audit on Monday night.

John Anthony of Wilson-based Anthony, Moore & Tabb told the town its general fund balance was healthy at $550,000 at the end of the fiscal year in July.

"That's a very good solid cash balance for a town of this size," Anthony said. "I think you've got very adequate cash reserves."

The town also collected $17,000 more revenue than it expended in the general fund at the fiscal year's end, Anthony said.

Expenditures for all five of the town's general fund departments operated within their funds for the budget year, the auditor said.

That's a good thing, because it's "required by state law and is always something that you hope you're able to do," Anthony said.

Other items that can knock down a town's net worth -- without any actual spending of money -- included assets that can depreciate, like the sewer system.

The town of Pikeville's sewer system depreciated $84,000 in the last fiscal year, representative of the fact that the town will eventually have to replace part of it, Anthony said.

Commissioner Albert Greene said it's always good to hear that your town is performing well financially.

"It's like any other audit, it's like when you balance your checkbook, you're happy when you get out a little bit ahead.

"I think the board has done a responsible job, because of the good town clerk and past town administrators. I think we're in good shape for a town of our size," Greene said.