Murfreesboro net assets fall

Published 10:39 am Saturday, December 4, 2010


MURFREESBORO, N.C.—The town of Murfreesboro’s finances have fared well despite the current economic woes.

“The town had a good year,” Certified Public Accountant Jim Winston told council members while summing up the town’s annual audit.

The town’s total net assets dropped $357,132 with $12.31 million in 2009 to $11.95 million in 2010. Total liabilities also decreased from $5.30 million to $4.96 million.

Winston said the town’s revenue fell by $137,896 to $3.13 million. Expenditures were listed as $3.15 million, an increase of $300,000 from 2009.

“With the economy that we’re in, I thought that was good,” he said.

He reported general fund revenues stand at $1.73 million, which is $18,539 above the figure projected in the town’s final budget.

Meanwhile, expenditures are $1.84 million and running approximately $40,000 under what was approved in the budget.

“You’re a little favorable in your revenues, and you’re a little favorable in your expenses so that helps us out,” he said.

Winston’s report showed 44 percent of the town’s expenditures go toward public safety, 20 percent to general government, 13 percent to environmental protection, nine percent to economic development, seven percent to transportation and four percent to culture and recreation.

Tax collection dropped slightly from 95 percent to

94 percent. The town collected $742,301 in taxes this year. Statewide tax collection stands at around 96 percent.