Hot Springs receives '23 financial audit report; to hold special meeting to address goals
HOT SPRINGS - In its first meeting of 2024, the Hot Springs Town Board was presented with the town's 2023 financial audit report.
The audit was performed by Lowdermilk Church and Co., a certified public accountant firm in Morganton.
Carol Avery, a certified public accountant with the firm, presented the report to the Town Board during the board's Jan. 2 meeting.
General Fund
In the town's General Fund, Hot Springs' cash and investments increased more than $70,000 from 2022 to 2023, from $870,000 to $1.04 million.
Additionally, the town's total assets saw a significant gain, from $1.02 million in 2022 to nearly $1.2 million in 2023.
The town's fund balance increased more than $222,000, from $954,000 to $1.18 million.
Hot Springs' total revenue was up nearly $50,000 from 2022, from $680,000 to $729,000. Additionally, the town's total expenditures increased more than $80,000, from $497,000 to $578,000.
According to Avery, the increase in the town's total expenditures were largely attributable to the purchase of a fire truck. Avery said the town's public safety expenditures were up more than $70,000.
Hot Springs saw a nearly $30,000 increase in fund balance, from $192,000 to $222,000. The town also collected roughly $11,000 more in property taxes in 2023, from $369,000 to $380,000.
Water and Sewer Fund
Avery also reported on Hot Springs' water and sewer fund, also known as its enterprise fund.
The town's water and sewer cash and investments saw an increase of roughly $65,000, from $241,000 to $306,000. Furthermore, the town's water and sewer fund's total assets saw an increase of roughly $250,000, from $1.86 million to $2.13 million.
"That's mostly an increase due to increases in your capital outlay, and also the increase in your cash," Avery said.
The water and sewer fund's net income increased by nearly $64,000, from $218,000 to $282,000.
Other news
The board also unanimously voted to approve entering into a contract with McGill Associates for professional engineering services to the wastewater treatment plant, which is located on Devine Water Way near the Hot Springs Resort and Spa.
In the board's Dec. 4 meeting, the new board unanimously approved putting the project out to bid for engineering services.
In April, Norton and the board received word it will receive up to $4 million to complete the project by 2026.
Norton listed it as a top goal for her tenure.
"I've been trying to get something done with this sewer plant since I got elected," Norton said in April. "I saw that email and I went, 'Yahoo.' There are a lot of things that are in bad shape in Hot Springs, but that sewer plant, I think, is the main thing."
The North Carolina Collaboratory at UNC Chapel Hill, in partnership with the UNC Environmental Finance Center, reviewed the application submitted by the town of Hot Springs for a proposed wastewater project and determined this project is eligible to receive grant funding under the Innovative Highly Treated Wastewater Pilot Program, Norton said.
Special meeting
The board will meet Jan. 13 at 8:30 a.m. to discuss its goals for 2024 and beyond. The meeting will take place at City Hall, 186 Bridge St.
The Town Board's next regular meeting is Feb. 5 at 6 p.m. at City Hall.
Johnny Casey has covered Madison County for The Citizen Times and The News-Record & Sentinel for nearly three years. He earned a first-place award in beat reporting in the 2023 North Carolina Press Association awards. He can be reached at 828-210-6071 or jcasey@citizentimes.com.
This article originally appeared on Asheville Citizen Times: Hot Springs receives '23 financial audit report
