The Town of Indian Trail received a clean bill of financial health for fiscal year 2020-2021, according to a review of its latest audit.
Deneal Bennett, CPA, with J.B. Watson & Co., P.L.L.C., presented the annual audit report to the Town Council during its Jan. 25 regular meeting. The auditing team returned an unmodified audit report for the fiscal year that ended on June 30, 2021. An unmodified audit is the highest level a municipality or county can receive.
“An unmodified clean audit provides the highest level of assurance to our residents that the Town is fiscally sound,” said Town Manager Mike McLaurin. “It demonstrates Indian Trail’s solid fiscal management, the hard work of our Town Council and staff, operational efficiencies, and our commitment to handling our residents’ tax dollars with integrity and transparency.”
The state of North Carolina is committed to ensuring its cities and counties are in good financial standing and can meet the needs of its citizens. In addition to a balanced budget, North Carolina also requires all cities and counties to have an annual audit performed by a state-approved CPA firm.
The annual audit provides the Town Council and residents with an overview of the Town’s finances for the fiscal year, which ends on June 30 each year for Indian Trail.
The audit reviews the funds that have come into the Town throughout the year and ensures they are spent in accordance with generally accepted accounting principles. In addition, the audit also looks at areas that might need special attention, such as weak internal structures or funding corrections. The state also reviews the audit.
“The auditors were again pleased with last year’s budget, and that is reflected in our audit report,” said Finance Director Jim Wojtowicz. “No material or internal weaknesses were identified. This is excellent news for Indian Trail and provides the Town Council a solid platform to plan for and provide services to our residents and businesses.”
The full audit report can be found on the Town’s website at http://indiantrail.org/ArchiveCenter/ViewFile/Item/212. If you have any questions about the audit, please contact Wojtowicz at 704-821-5401.