, 2014

Lancaster finances get
high mark from auditors

by Audrey Thomasson

LANCASTER—County officials received the highest marks possible last week in an audit report of financial activity for the fiscal year ending June 30, 2012.

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According to Charla Schubert of the independent accounting firm of Robinson, Farmer, Cox Associates of Richmond, Lancaster’s assets exceeded its liabilities at the close of the fiscal year by $8,551,581, up $637,423 for the year.

The county finished the fiscal year with general fund revenues of $22.988 million and expenditures of $22.350 million.

Assets totaled $18,633,837, including $10,937,247 for schools and $119,703 for the Industrial Development Authority. Liabilities totaled $10,082,256 including $2,103,599 for schools.

The county’s ending fund balance for the year was $5,945,640, a decrease of $1,495,171 in comparison with the prior year. The decrease was attributed largely to completion of construction and refinancing of the new judicial center.

The unassigned fund balance for the general fund was $5,433,886, or 19% of total general fund expenditures and other uses. Also, the combined long-term obligations decreased $2,216,020 over the year.

Schubert credited the county’s 99% collection rate on property taxes over the past 10 years as the reason the county will continue to remain in good financial shape.

Revenue from property taxes at $14,923,610 was up $266,711 over a year earlier, while local sales tax revenue at $1,950,576 was up $57,815 over the previous year.

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