The Accounting Division maintains the town's general ledger system, as well as the Accounts Payable and Accounts Receivable/Miscellaneous Billing functions in accordance with the NC Local Government Budget and Fiscal Control Act. Processing of payroll for all Town employees is an additional function of the Accounting Division. Other areas of concentration include maintenance of fixed asset records, FEMA reporting, preparation of 1099 and W-2s, and sales tax reporting. This division ensures that all accounting and reporting systems are in compliance with generally accepted accounting principles. The division also coordinates audit services, monitors banking and investments, provides grant financial assistance, and prepares the Comprehensive Annual Financial Report.


Required Audit

The N.C. Local Government Budget and Fiscal Control Act requires each unit of local government in North Carolina to have its accounts audited annually by an independent certified public accountant certified by the local government commission as qualified to audit local government accounts. The audit must be conducted pursuant to a written contract containing the form, terms, and fees for the audit. The secretary of the commission must approve this contract before the audit may begin and must approve invoices for the audit fee.

Final Payment

Approval of final payment is not given until the audit report is rendered in accordance with the requirements of the contract. All audits are to be performed in conformity with generally accepted auditing standards. The town’s independent auditors are Potter and Company, P.A., in Mooresville.

Financial Audits


FY18 Budget is available online.

Past Fiscal Year Budgets are available online.

  • Fiscal Year begins July 1, 2017 and ends June 30, 2018
  • General Fund = $68,424,368
  • Utility Fund = $26,978,604
  • Capital Reserve Fund = $500,000
  • Community Development Fund = $394,888
  • Stormwater Fund = $1,422,568
  • Powell Bill Fund = $990,000
  • Utility Capital Projects Fund = $2,800,000
  • Tax Rate is $0.58 per $100 of valuation
  • To calculate your Town tax bill, divide your valuation by 100 then multiply by $0.58


The purpose of the Capital Improvements Program (CIP) is to account for the financial resources segregated for the acquisition/construction of capital assets. These capital assets are found in the General Fund, Utility Fund, Capital Improvements General Fund, Community Development Fund, and Capital Improvements Utilities Fund. They are financed through various long/short-term financing options.

CIPs are available online.