2020 Audited Financial Statements

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Independent Auditor’s Report 
Cobb Ezekiel Loy & Company P.A.

Report on the Financial Statements

As management of the Village of Alamance, we offer readers of the Village of Alamance financial states this narrative overview and analysis of the financial activities of the Village of Alamance for the fiscal year ended June 30, 2020. We encourage readers to read the information presented here in conjunction with additional information that we have furnished in the Villages’ Financial statements, which follow this narrative.

Financial Highlights

  • The assets and deferred outflows of resources of the Village of Alamance exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $7,9785,149 (net position).
  • The government’s total net position increased by $180,769, due to an increase in the government type activities net position of $346,152 and a decrease in the business type activity net position of $165,383.
  • As of the close of the fiscal year, the Village of Alamance governmental funds reported combined ending fund balances of $2,617,817 with a net change of $212,769 in fund balance. Approximately 2.7% of this total amount, or $70,234, is nonspendable or restricted.
  • At the end of the current fiscal year, unassigned fund balance for the General Fund was $2,042,851 or 476% of the total general fund expenditures for the fiscal year.
  • The Village of Alamance’s debt decreased by $12,799 as a result of principal payments on the State Revolved Loan.