By Martine Wolfe-Miller, Town of Mount Pleasant Communications Manager
MOUNT PLEASANT, SC (December 6, 2016) –
Mount Pleasant Mayor Linda Page and Mount Pleasant Town Council revealed information about several significant positive fiscal milestones reached by the Town of Mount Pleasant on a recent audit during a press conference Monday held at the Town of Mount Pleasant headquarters building here.
Watch the press conference here
Independent accounting firm Greene, Finney & Horton, awarded the Town its highest opinion for its financial audit for the fiscal year ending in June.
“The Town of Mount Pleasant is in the best financial shape it has ever been. The town’s reserves increased by an impressive $6.5 million in fiscal year 2016, to a total of $33.9 million,” said Mayor Linda Page. “A strong financial position supports our AAA bond ratings which allows the town to borrow at the most competitive rates. We also received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for the 28th consecutive year and the Distinguished Budget Presentation Award for the past four years.”
“Maintaining an adequate fund balance is essential to good fiscal stewardship,” said Mayor Page. “These reserves allow us to maintain an adequate cash flow through the first half of the fiscal year, address significant emergencies and unanticipated expenditures, negotiate better interest rates on debt issues and cover potential shortfalls due to state budget cuts.”
Also speaking during the press conference was Finance Committee Chairman and Councilman Elton Carrier who added comments about the recent audit results and Town’s financial state.
“We have received an Unmodified Opinion. This is the best opinion a municipality can receive,” Councilman Carrier said. “Our Unmodified Opinion reflects the Town’s strong financial condition and the good steps it has taken towards funding its future road maintenance costs.”
Mayor Page also thanked Mount Pleasant Town Council, Town Administrator Eric DeMoura, Chief Financial Officer Marcy Cotov and the Finance staff for their continued leadership.
As of June 30, 2016, the Town of Mount Pleasant’s assets totaled $493 million (capital assets, cash and investments and other assets), and its liabilities totaled $56.2 million (debt and accrued liabilities.)
View the Town of Mount Pleasant’s 2016 Financial Audit (after the December 2016 Council Meeting) and FY 2016-2017 Budget online on the Finance pages at www.tompsc.com
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