Yancey County Commissioners receive good news concerning the condition of county finances for the fiscal year ending on June 30, 2015

 

Commissioners Receive Good Financial News at their January Meeting

At their January regular meeting Yancey County Commissioners received good news concerning the condition of county finances for the fiscal year ending on June 30, 2015. Brian Broom, with the accounting firm Dixon, Hughes, Goodman LLP, presented County Commissioners the results of the yearly audit of county government financial standing, which showed much improvement in the overall financial condition of the County. Of particular interest was the continued improvement in the available fund balance, which is basically a "rainy day" fund for county government. Every county in North Carolina is required to have a minimum available fund balance at 8% of the total budget. For the past several years, Yancey County has been below that 8% required mark and has been working to restore those resources. Auditors told the County Commissioners that the available fund balance currently stands at 11.24%. This is an improvement of 3.7% from last year.

Since 2008, when the fund balance was at negative 9%, Yancey County has been working to rebuild its fund balance to come into compliance with the State requirements. Chairman Johnny Riddle stated, "It has been a long road but I think we can finally see the light at the end of the tunnel. When I was first elected in 2008, it immediately became a priority for us to put our financial house in order. Tonight is a testament to the hard work by Yancey County employees and their commitment to our vision of rebuilding this fund balance." As part of the plan to rebuild the fund balance the Board of County Commissioners in 2009 adopted a fund balance policy that seeks to build the fund balance eventually to 16%, which is now well within reach.

 


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