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Leesburg Receives Clean Audit Report for Fiscal Year Ending on June 30, 2017

FY 2017 Comprehensive Financial Report (CAFR) available on town website.

Post Date:12/06/2017 5:04 PM

Leesburg, VA (December 13, 2017) – The Fiscal Year 2017 Comprehensive Annual Financial Report (CAFR) and audit report was presented to the Leesburg Town Council on Tuesday December 12, 2017. The audit was conducted by Brown, Edwards & Company, L.L.P., a public accounting audit firm that specializes in audits of local governments in Virginia.

The Town received a clean audit opinion which means there were no material misstatements within the financial statements. The Town was found to be in compliance with regulations and debt covenants.

“The Town had a General Fund unassigned fund balance of 21.5% at the end of Fiscal Year 2017,” noted Clark Case, Leesburg’s Director of Finance and Adminstrative Services. “One of the Town’s major long-term financial goals was to build and maintain an unassigned fund balance of at least 20%, so we are very pleased to have achieved this goal two years ahead of projections.”

The Town remains fiscally sound and is on track for funding its policy goals and long-term fiscal sustainability plan. The FY 2017 CAFR and the audit presentation are available on the Town’s website at www.leesburgva.gov/cafr.

Media Contact:
Betsy Arnett
Public Information Officer
barnett@leesburgva.gov 
703-771-2734


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