THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, November 3, 1995 TAG: 9511030525
SECTION: LOCAL PAGE: B4 EDITION: NORTH CAROLINA
DATELINE: MANTEO LENGTH: Short : 37 lines
Manteo is in good financial shape, based on the town's 1995 audit.
``The overall condition of the town is very good,'' Richard Straub, an accountant with the Kill Devil Hills firm of Johnson, Burgess and Co., told the Manteo Board of Commissioners Wednesday night.
Straub pointed to healthy increases in the Roanoke Island community's general fund balance, as well as an increase in its special revenue fund balance as other reasons for the upbeat audit.
Manteo's general fund balance increased from $656,000 to $670,000, more than the two- to three-month reserve recommended by the North Carolina Local Government Commission for cities and towns.
The special revenue account increased from $181,000 to $224,000, largely because of the sale of the town's old water plant.
In a related action, the commission unanimously approved a resolution to transfer $100,000 from the general fund balance to capital project funds for the town and the water and sewer department.
The town has maintained a small capital reserve fund in the past. Commissioner Lee Tugwell said the allocation of $50,000 to capital project funds, as well as annual appropriations in the budget, will provide funding for future improvements to municipal facilities.
Commissioner Edward Greene supported the measure.
``The town of Nags Head has done the same thing with its new town hall,'' he said. ``Years ago, the town decided to set aside monies for the town hall, and now they are in a position to get that done. It's the old adage of save first, and then spend it.'' by CNB