TOW AUDIT 2-25-9
53 pages
English

TOW AUDIT 2-25-9

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TOWN OF WILLIAMSTON,SOUTH CAROLINA FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2008 TOWN OF WILLIAMSTON, SOUTH CAROLINATABLE OF CONTENTSYEAR ENDED JUNE 30, 2008FINANCIAL SECTIONINDEPENDENT AUDITORS' REPORT 1Management's Discussion and Analysis 3Basic Financial Statements:Government-Wide Financial Statements:Statement of Net Assets 12Statement of Activities 13Fund Financial Statements:Balance Sheet - Governmental Funds 14Reconciliation of the Governmental Funds Balance Sheetto the Statement of Net Assets 15Statement of Revenues, Expenditures, and Changes in Fund Balance -Governmental Funds 16Reconciliation of the Governmental Funds Statement of Revenues, Expenditures,and Changes in Fund Balance to the Statement of Activities 17Statement of Net Assets - Proprietary Fund - Water and Sewer Enterprise Fund 18Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Fund - Water and Sewer Enterprise Fund 19Statement of Cash Flows - Proprietary Fund - Water and Sewer Enterprise Fund 20Notes to the Basic Financial Statements 21Required Supplementary Information:Budgetary Comparison Schedule - General FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budgets and Actual 36Other Supplementary Information:Water and Sewer Enterprise FundSchedule of Revenues, Expenses, and Changes in Fund Net Assets - Budgets and Actual 40Schedule of Court Fines, Assessments, and Surcharges 41COMPLIANCE SECTIONReport on ...

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TOWN OF WILLIAMSTON,
SOUTH CAROLINA
FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2008 TOWN OF WILLIAMSTON, SOUTH CAROLINA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2008
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT 1
Management's Discussion and Analysis 3
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets 12
Statement of Activities 13
Fund Financial Statements:
Balance Sheet - Governmental Funds 14
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Assets 15
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Governmental Funds 16
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures,
and Changes in Fund Balance to the Statement of Activities 17
Statement of Net Assets - Proprietary Fund - Water and Sewer Enterprise Fund 18
Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Fund -
Water and Sewer Enterprise Fund 19
Statement of Cash Flows - Proprietary Fund - Water and Sewer Enterprise Fund 20
Notes to the Basic Financial Statements 21
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budgets and Actual 36
Other Supplementary Information:
Water and Sewer Enterprise Fund
Schedule of Revenues, Expenses, and Changes in Fund Net Assets - Budgets and Actual 40
Schedule of Court Fines, Assessments, and Surcharges 41
COMPLIANCE SECTION
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters
Based on an Audit of Basic Financial Statements Performed in Accordance with Government
Auditing Standards 43
Schedule of Findings and Responses 45TOWN OF WILLIAMSTON
SOUTH CAROLINA
LISTING OF PRINCIPAL OFFICIALS
Established
1852
MAYOR
Arlar C. Crout
TOWN COUNCIL MEMBERS
David R. Harvell
Marion W. Middleton
J. Michael Looper
TOWN ADMINISTRATOR
Phyllis Lollis
CLERK/TREASURER
Michelle Starnes INDEPENDENT AUDITORS’ REPORT
Mayor and Members of Town Council
Town of Williamston
Williamston, South Carolina
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, and each major fund of the Town of Williamston, South Carolina (the “Town”), as of and for
the year ended June 30, 2008, which collectively comprise the Town’s basic financial statements as listed
in the table of contents. These basic financial statements are the responsibility of the Town’s
management. Our responsibility is to express opinions on these basic financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the basic financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the basic financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall basic financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, and each major
fund of the Town of Williamston, South Carolina, as of June 30, 2008, and the respective changes in
financial position and cash flows, where applicable, thereof for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 9,
2009, on our consideration of the Town’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
The accompanying management’s discussion and analysis and the budgetary comparison schedule, as
listed in the table of contents, are not a required part of the basic financial statements but are
supplementary information required by accounting principles generally accepted in the United States of
America. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
1Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Town’s basic financial statements. The other supplementary information, as listed in the
table of contents, is presented for purposes of additional analysis and is not a required part of the basic
financial statements. We have applied certain limited procedures, which consisted principally of inquiries
of management regarding the methods of measurement and presentation of the schedule of revenues,
expenses, and changes in net assets – budgets and actual for the water and sewer enterprise fund.
However, we did not audit the information in this schedule and express no opinion on it. The schedule of
fines, assessments, and surcharges has been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Greene, Finney & Horton, LLP
February 9, 2009
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TOWN OF WILLIAMSTON, SOUTH CAROLINA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2008
This discussion and analysis of the financial performance of the Town of Williamston (the “Town”) provides an overview of
the Town's financial activities for the year ended June 30, 2008. The intent of this discussion and analysis is to present the
Town’s financial performance as a whole; readers should also review the basic financial statements, the notes to the basic
financial statements and the supplemental schedules to enhance their understanding of the Town’s financial performance.
th
Effective January 1, 2007, the Town elected to change its fiscal year from a calendar year end to a June 30 year end. This
resulted in the Town having only six months of operations (revenues and expenditures/expenses) for the prior financial
statements compared to a full year of operations (revenues and expenditures/expenses) for the current financial statements.
For purposes of the management’s discussion and analysis that follows, a comparable period is equal to double of the prior
period totals.
FINANCIAL HIGHLIGHTS
The assets of the Town exceeded its liabilities for the year ended June 30, 2008 by approximately $8,753,000 (net
assets). Of this amount, approximately $1,282,000 (unrestricted net assets) may be used to meet the government’s
ongoing obligations to citizens and creditors.
The government’s total net assets increased by approximately $945,000, as revenues of approximately $4,642,000
exceeded expenses of approximately $3,697,000.
As of the close of the year ended June 30, 2008, the Town’s General Fund reported an ending fund balance of
approximately $1,643,000, an increase of approximately $511,000 in comparison with the prior year balance. The
increase in the fund balance is due to revenues and other financing sources of approximately $3,074,000 exceeding
the Town’s operating expenditures of approximately $2,563,000, as noted below.
Unreserved fund balance for the General Fund was approximately $1,496,000, or 91% of total fund balance for the
General Fund at June 30, 2008. Unreserved fund balance for the General Fund was approximately 58% of General
Fund expenditures for fiscal year 2008.
The Town’s General Fund revenues and other financing sources were approximately $3,074,000 for the year ended
June 30, 2008, compared to approximately $1,197,000 for a comparative six month period in the prior year. The
Town’s General Fund expenditures were approximately $2,563,000 for the year ended June 30, 2008, compared to
approximately $958,000 for a comparative six month period in the prior year.
The Town’s Water and Sewer Fund revenues were approximately $1,669,000 for the year ended June 30, 2008,
compared to approximately $847,000 for a comparable six month period in the prior year. The Town’s Water and
Sewer Fund expenses were approximately $1

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