CPA Gives Winnsboro Finances Thumbs-Up

Winnsboro – The Town of Winnsboro received an unqualified opinion on their year-end audit from Bill Hancock, a CPA with the Brittingham, Brown, Prince and Hancock accounting firm. Hancock delivered his findings to Town Council during their Dec. 18 finance meeting.

Hancock said the Town spent $7,700 more than had been budgeted for 2012 general fund, but told Council that out of a $3 million budget, they were “pretty close to where you need to be.” Winnsboro actually spent $3.2 million less than budgeted out of the utility fund in 2012, Hancock said, attributing that to the rise in gas and electricity prices.

The Town’s net assets also increased by $290,000 this year, Hancock said.

“Out of a total spending budget $14,400,00 and change, that means you brought in a little over 1 percent more than you spent,” he said.

The Town took on no new debt in 2012 and did not make any capital purchases that were not already budgeted, Hancock said.

Following Hancock’s presentation, Kathy Belton, the Town’s Finance Director, delivered her November finance report to Council. Belton said general fund expenditures were up by more than $14,000 compared to last November. Utility revenues were down by $83,000 versus last year, while utility expenditures were up by $70,000 over November 2011.