Tyrone auditor Dan Post last week gave town council members a brief overview of the annual audit for the period ending June 30, 2008. The poor state of the economy notwithstanding, the audit showed a deficit of $133,544 for the fiscal year in expenses over revenues.

Citing the combined statement of revenues and expenses, Post said revenues for 2007-2008 totaled $5,715,982 compared to $5,849,536 in expenditures, a difference of $133,544 or 2.3 percent.

Total assets for 2008 were valued at $12,487,503 compared to $10,459,510 in 2007, an increase of $2.03 million. Cash and cash equivalents for 2008 totaled $3,401,022 compared to $3,478,602 in 2007.
“Considering the economic environment I think it’s good news that the cash position stayed stable,” Post said of the $78,000 decrease in cash assets compared to 2007.

Liabilities for 2008 totaled $1,215,280 compared to $819,201 in 2007.

Post said that general fund revenues were down $89,684 over the previous year while general fund expenditures were up $485,843, which included increases in prices and payroll. Post noted that no single item “jumped out” as being dramatically out of line.

Net assets over liabilities for 2008 were up from the previous audit. Net assets for 2008 totaled $11,272,223 compared to $9,640,309 for the period ending June 30, 2007, representing an increase of $1,631,914.

Post said the challenge for 2009 is surviving with less construction and fewer permits. He said the full version of the audit was currently being printed and would be available shortly.