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Leesburg Receives Clean Audit Report for Fiscal Year Ending on June 30, 2018
FY 2018 Comprehensive Financial Report (CAFR) available on town website.
Leesburg, VA (December 12, 2018) – The Fiscal Year 2018 Comprehensive Annual Financial Report (CAFR) and audit report was presented to the Leesburg Town Council on Tuesday, December 11, 2018. 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 24.9% at the end of Fiscal Year 2018,” noted Clark Case, Leesburg’s Director of Finance and Adminstrative Services. “The Town’s Fiscal Policy requires maintaining an unassigned fund balance of at least 20%. The Fiscal Year 2018 outperformance provides the Town some flexibility to fund capital asset replacements and other one-time needs in Fiscal Year 2019.”
The Town remains fiscally sound and is on track for funding its policy goals and long-term fiscal sustainability plan. The FY 2018 CAFR and the audit presentation are available on the Town’s website at www.leesburgva.gov/cafr.
Public Information Officer