- The Enterprise
- The Recorder
The Town of North Beach received a clean opinion in the 2012 audit of the town’s financial statements.
Nancy Valentine of Weil, Akman, Baylin and Coleman gave a summary of the “highlights of the year” from the audit during the town’s monthly meeting Thursday.
The general fund showed a decrease of $2.5 million, she said, because funding for capital projects, which is through the general fund, was adjusted last year.
The net assets increased by $700,000 in 2012 to $12.7 million, Valentine said. The net assets for the town, she said, include $2.7 million of unrestricted net assets, meaning they can be used to meet the town’s obligations to its citizens and creditors.
The total assets of the town were $18.5 million, with $2.3 million of that in cash or cash equivalents and $15.4 million in capital assets, she said.
In the audit, $5.5 million in liabilities, which includes bonds and notes payable related to the acquisition of capital projects, was reported, Valentine said.
Town revenues, Valentine said, consist of $1.6 million in taxes; $600,000 in service charges; $300,000 in capital grants and contributions; and $235,000 in state-shared revenues. Valentine said the capital grants received in 2012 were mainly related to the new Department of Public Works building and Wetlands Overlook Park, which was completed in April. Property taxes have been decreasing due to a decline in the tax base from the government, she said, but the state highway user and state income taxes provided $30,000 extra for the town in 2012.
The long-term debt interest decreased by about $53,000 in 2012 due to the refunding of the debt at more favorable rates, Valentine said. Principal and interest debt services decreased by $82,000, she said.
Community development expenses for the town decreased slightly, Valentine said, due to decreases in beach maintenance costs offset by some increases in community activities.
In other news, the council:
• Approved an ordinance to close and abandon a right of way on 11th Street, east of Dayton Avenue;
• Introduced an ordinance declaring the town’s participation in the Enhanced Nutrient Removal upgrades to the Chesapeake Beach Wastewater Treatment Plant; and
• Approved requests for construction bids for a fishing platform and for piles and stringers for a wetlands trail.