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Town gets 'clean opinion' in audit

January 08, 2003|by JULIE E. GREENE

julieg@herald-mail.com

SHARPSBURG - The Town of Sharpsburg was given a "clean opinion" for the audit on the past fiscal year, certified public accountant J. Wayne Becker told the mayor and Town Council on Monday night.

The town had a deficit of $19,779, but that was much less than the expected deficit of $55,207, said Becker, who is with Smith Elliott Kearns & Co.

The audit was for the fiscal year that began July 1, 2001, and ended June 30, 3002.

Town Council members budgeted $36,000 to give Washington County water and sewer customers within town limits a credit, but that money wasn't spent in fiscal year 2002, Gale said. That money was spent in July 2002 so the current fiscal year will show two water and sewer credit payments to town residents, he said. The next payment is expected in June, Gale said.

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The town's investment income was $7,435, less than the $17,000 budgeted. Becker said that was because the stock market experienced a downturn.

The town's income tax revenue was $47,830, down from $59,093 in the previous fiscal year. Becker attributed the decrease to the economic downturn.

"Income taxes are probably down for a lot of the governments this year. Nothing unusual there," Becker said.

The town's total revenue for fiscal 2002 was $166,752 and its total expenditures were $186,531, according to the audit.

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