The economy may be on hard times, but the town of Ridgeway appears to be in great shape, having received an “unqualified” opinion on a recent audit, conducted by Howard Nichols, CPA.
“That’s what you want, an ‘unqualified’ opinion,” Nichols told town council Thursday night. “That’s the best you can get.”
Nichols said the town had a total of $721,509 in cash investments, compared to $482,192 in expenses.
“Cash-wise, you’re in really good shape,” he said. “You could go a year and a half without receiving any money.”
After receiving an overview of the preliminary report, Mayor Charlene Herring wanted one final confirmation from their CPA.
“My question always to Howard Nichols is, ‘Are we fiscally sound?’” Herring asked.
“Yes,” Nichols answered. “Ya’ll are in good shape.”
Council also gave first reading to an ordinance amending the tax rate paid by insurance companies to 6 percent on premiums sold inside the town limits. A similar ordinance was passed last week by the Winnsboro Town Council, and is required to keep municipalities in line with recently passed state legislation.
Following an executive session, council voted unanimously to offer a lease on the Old Town Hall building to restaurateurs Elisseos Mergianos and James Miller.
