The Town’s fiscal year starts on July 1st. Each year, the Town Council is required, by the State Code, to pass a balanced budget by June 30th, for the upcoming year. At the end of each fiscal year, an audit is performed on the Town’s financial statements. We have made available the annual audited financial statements, the annual budgets and the monthly financial reports.
Installment Purchase Revenue Bond- Series 2020
Town Council is preparing to issue its Installment Purchase Revenue Bonds, Series 2020 (the “Series 2020 IPRBs) to finance approximately $20 million of improvements to various Town owned facilities and infrastructure. The Town plans to repay the Series 2020 IPRBs over a 25-year approximately level debt service basis. Click here to read the Installment Purchase Revenue Bond Series 2020 presentation by the Town Financial Advisor David Cheatwood of First Tryon Advisors. Based on the estimated current market rates, the annual debt service would be approximately $1.16 million/year and the all-in true interest cost is approximately 2.98%. As part of the financing process, the Series 2020 IPRBs were rated “As2” from Moody’s and “AA” from Standard and Poor’s. Click here to view the Moody’s rating letter; and, click here to view the Standard and Poor’s rating letter.
On March 17, 2020, the Town will issue approximately seventeen million dollars ($17,000,000.00) of Installment Purchase Revenue Bonds through Wells Fargo. Parties interested in purchasing bonds in the primary market should contact a Wells Fargo broker at 1-800-891-7702. For purchasing bonds in the secondary market, interested parties should task their broker to find those on the open market.
Fiscal Year 2020 Budgets
Fiscal Year 2020 Audited Financial Statement
Fiscal Year 2020 Audited Financial Statements (PDF)
Fiscal Year 2020 Financial Audit Presentation (PDF)- Presented to Town Council during the regular monthly meeting on September 15, 2020 by Greene Finney, LLP
Monthly Financial Reports
Each month, the Town's Comptroller presents our monthly financial reports to Town Council. You can access all of the monthly reports by visiting the Archived Financial Reports page.