Published: Dec 18, 2012 06:00 PM
Modified: Dec 18, 2012 05:18 PM
FUQUAY-VARINA - The town’s finances remain in good shape, according to an audit from an independent accounting firm.
The town maintained a good bond rating and a healthy savings account in fiscal year 2011-2012, according to the audit report filed by Raleigh accounting firm Cherry, Bekaert & Holland.
Fuquay-Varina had a AA bond rating and maintained $11.3 million in savings, also known as an unassigned fund balance.
The town brought in about $27.9 million in revenue while spending $22.3 million.
“It’s always good news to know that revenues exceed expenses,” said Commissioner Bill Harris. “That’s due to the policy of the board during tough economic times.”
Town Commissioner Ed Ridpath said he’s proud the town has been able to work within its means to maintain and expand services. Fuquay-Varina added a youth sports program, made repairs to the Johnson House at Mineral Spring Park and paid down about $2 million in debt.
“We were able to get things done. For a long time we were holding steady,” Ridpath said. “I thought the report was really good and shows we can continually increase the services we provide.”
Some of the millions of dollars in the town’s reserves has been earmarked to replace the aging public works site. The 10-acre combined Public Services Center is expected to cost about $2 million and will house public works, park maintenance and water plant workers and equipment.
The new site would include a 7,350-square-foot building, a parking lot, a vehicle-maintenance facility with a car wash and space for vehicle storage.
Fuquay-Varina is also moving forward with plans for a cultural arts center. During their Dec. 3 meeting, commissioners approved hiring Hunden Strategic Partners to conduct a $25,000 feasibility study. The Fuquay-Varina Downtown Revitalization Association will cover more than $15,000 of the cost.
The arts center is expected to cost about $3.5 million. Work is set to begin in 2016, according to the town’s five-year capital projects plan.
“The fact that we continue to have these clean bills of health makes me feel confident,” Ridpath said. “We can take on some of these projects on our five-year plan, and we don’t have to go out and get bonds for it.”