The audit of the county’s finances through June 30, 2009, showed Currituck with an unreserved fund balance of $8.85 million, or about 20.4 percent of total general fund expenditures.

The unreserved fund balance is much healthier than the minimum 8 percent recommended by the state Local Government Commission.

The audit was conducted by Chris Burton of Pittard, Perry & Crone Inc., a certified public accountant with several offices in North Carolina.

Highlights of the audit include:

• Though real estate tax revenues were down by $50,690, overall collection increased by $224,088 because of an increased tax rate in the Whalehead Watershed Improvement District.

• Occupancy tax collections increased by $332,155 over the prior year.

• Permits and fees from construction decreased by $348,756 over the prior year.

• Investment earnings were down by $1.6 million, due to depressed earnings rates compounded with cash outlays for ongoing construction projects.

• The county continued to enjoy a low cost of debt due to its A2 and A+ bond ratings from Moody’s investors service and Standard and Poors, respectively.

• General government expenditures decreased by 1.74 percent over the prior year.

• Total debt increased by $1.2 million — or 3 percent — during the fiscal year. The general fund debt service was increased by $746,242 — the debt incurred by installment purchase financing for the airport land purchase and five ambulances.

• County funding for education decreased by $13.86 million over the prior year, which reflects the completion of two elementary schools and Cooperative Extension facility.

The audit indicated that Currituck continues to enjoy growth. For example:

• Currituck still has one of the lowest unemployment rates in the state.

• Property values increased by 1.54 percent over the previous year, from $8.05 billion to $8.17 billion.

• Occupancy tax revenues increased 3.7 percent because of increased tourism.

Burton praised the county’s property tax collection rate, which was over 96 percent.

“That’s fantastic,” he said. “That’s above other audits I do by far. It did come down a bit from the prior year, but I think that’s just a sign of the economic times we’re in right now.”

Burton said he found no glaring problems in the county’s finances.

Commission Chairman Paul O’Neal asked Burton if, in his opinion, Currituck was very sound financially and being run properly.

“Absolutely,” Burton said.

Article provided by Toby Tate - Staff Writer - The Daily Advance