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  Town of Edgefield remains strong with 88% of budget held in reserves web posted November 3, 2009 EDGEFIELD – The Edgefield Town Council received their audit for the past fiscal year on Monday night showing the town has 885 of needed operating funds held in reserves, or $1,166,916. “That’s a good position to be in,” Toni R. McKinley, of McKinley, Cooper & Company said. The General Fund “Budget and Actual” reconciliation showed that $1,277,600 was budgeted although actual expenditures were listed at $1,318,560, an over spending by $40,960. Under comparisons counting all net assets the audit showed a loss of $36,895 going from beginning Net assets at $3,336,384 and ending the year at $3,299,489. This total includes General funds at $1,166,916 combined with Special revenue funds of $1,405,539 and $83,479 in depreciation of capital assets. The town also oversaw $989,970 in Community Development Block Grants. The town revenues were greater than expected with a budgeted revenues listed at $1,269,600 and the actual figure being $1,337,686, or $68,086 to the positive. In all Ms. McKinley stated the town was in great financial shape. A copy of the audit is available for review at the Edgefield Town Hall during regular business hours. © Copyright 2009
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