HomeMy Public PortalAboutComprehensive Annual Financial Report Year Ended June 30, 2018
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Comprehensive Annual Financial Report
Year Ended
June 30, 2018
Town of Hillsborough,
North Carolina
Tom Stevens
Mayor
Eric J. Peterson
Town Manager
Daphna Schwartz
Finance Director
Town of Hillsborough Finance Department
Phillip Cordeiro, Assistant Finance Director
Keri Carnes, Financial Analyst
Sarah Kimrey, Accounting Technician
Donna Duncan, Accounts Payable Clerk
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Town of Hillsborough, North Carolina
Table of Contents
Introductory Section
Financial Section
Basic Financial Statements
Exhibit
Required Supplementary Financial Data
Exhibit
Town of Hillsborough, North Carolina
Supplementary Information:
Combining and Individual Fund Financial Statements Section
Schedule
Other Schedules
Town of Hillsborough, North Carolina
Statistical Section
Table
Other Disclosures
Compliance Section
Government Auditing Standards
Schedule
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Introductory Section
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Town of Hillsborough, North Carolina
List of Principal Officials
Board of Town Commissioners
Town Officials
Town of Hillsborough, North Carolina
Town of Hillsborough, North Carolina
The Reporting Entity and Its Services
Town of Hillsborough, North Carolina
Economic Conditions and Outlook
Town of Hillsborough, North Carolina
Long-Term Financial Planning and Major Initiatives
Debt Administration
Town of Hillsborough, North Carolina
Financial Policies
Other Information
Acknowledgments
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Financial Section
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Independent Auditors’ Report
Report on the Financial Statements
Management’s Responsibility for the Financial Statements
Auditors’ Responsibility
Government Auditing Standards
Government Auditing Standards
Opinions
Emphasis of Matter
Accounting and Financial Reporting for Postemployment Benefits Other than
Pensions
Other Matters
Required Supplementary Information
Supplementary and Other Information
Other Reporting Required by Government Auditing Standards
Government Auditing Standards
Government Auditing Standards
High Point, North Carolina
January 31, 2019
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Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Management’s Discussion and Analysis
Financial Highlights
Overview of the Financial Statements
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Basic financial statements
Government-wide financial statements
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Fund financial statements
modified accrual accounting
Enterprise Funds
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Government-wide financial analysis
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Financial analysis of the Town of Hillsborough’s funds
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Capital asset and debt administration
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Economic factors and next year’s budgets and rates
Low unemployment.
No increase in property tax rate.
No general obligation debt in the General Fund.
Budget highlights for the fiscal year ending June 30, 2019
Town of Hillsborough, North Carolina
Management’s Discussion and Analysis
Requests for information
Basic Financial Statements
Exhibit 1
Town of Hillsborough, North Carolina
(2 pages)
Statement of Net Position
June 30, 2018
Exhibit 1
(2 pages)
Exhibit 2
Town of Hillsborough, North Carolina
(4 pages)
Statement of Activities
Year Ended June 30, 2018
Exhibit 2
(4 pages)
Exhibit 2
Town of Hillsborough, North Carolina
(4 pages)
Statement of Activities
Year Ended June 30, 2018
Exhibit 2
(4 pages)
Exhibit 3
Town of Hillsborough, North Carolina
(2 pages)
Balance Sheet
Governmental Funds
June 30, 2018
Exhibit 3
Town of Hillsborough, North Carolina
(2 pages)
Balance Sheet
Governmental Funds
June 30, 2018
Exhibit 4
Town of Hillsborough, North Carolina
(2 pages)
Statement of Revenues and Expenditures and Changes in Fund Balance
Governmental Funds
Year Ended June 30, 2018
Exhibit 4
Town of Hillsborough, North Carolina
(2 pages)
Statement of Revenues and Expenditures and Changes in Fund Balance
Governmental Funds
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Exhibit 5
Statement of Revenues and Expenditures and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018
Town of Hillsborough, North CarolinaExhibit 6
Statement of Net Position
Proprietary Funds
June 30, 2018
Town of Hillsborough, North Carolina
Exhibit 7
Statement of Revenues, Expenses and Changes in Net Position
Proprietary Funds
Year Ended June 30, 2018
Exhibit 8
Town of Hillsborough, North Carolina
(2 pages)
Statement of Cash Flows
Proprietary Funds
Year Ended June 30, 2018
Exhibit 8
Town of Hillsborough, North Carolina
(2 pages)
Statement of Cash Flows
Proprietary Funds
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Exhibit 9
Statement of Fiduciary Net Position
Fiduciary Fund
Year Ended June 30, 2018
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Town of Hillsborough, North Carolina
Notes to Financial Statements
Notes to Financial Statements
1.Summary of Significant Accounting Policies
A. Reporting entity
Hillsborough Tourism Development Authority (the “Authority”)
Hillsborough Tourism Board (“the Board”)
B. Basis of presentation
governmentalbusiness-type
Town of Hillsborough, North Carolina
Notes to Financial Statements
governmental proprietary
General Fund.
Town Barn Improvements Capital Project Fund.
General Capital Projects Fund.
Downtown Improvements Capital Project Fund.
Riverwalk CMAQ Capital Project Fund.
Rail Station Capital Project Fund.
Public Works Building Capital Project Fund.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Water and Sewer Fund.
Stormwater Fund.
Special Assessment Debt Agency Fund.
C. Measurement focus and basis of accounting
Town of Hillsborough, North Carolina
Notes to Financial Statements
D. Budgetary data
E. Assets, liabilities, deferred outflows/inflows of resources and fund equity
(1) Deposits and investments
Town of Hillsborough, North Carolina
Notes to Financial Statements
(2) Cash and cash equivalents
(3) Restricted assets
Town of Hillsborough, North Carolina
Notes to Financial Statements
(4) Ad valorem taxes receivable
(5) Allowances for doubtful accounts
(6) Prepaid items
(7) Capital assets
Town of Hillsborough, North Carolina
Notes to Financial Statements
(8) Deferred outflows/inflows of resources
(9) Long-term obligations
(10) Compensated absences
(11) Net position/fund balances
Town of Hillsborough, North Carolina
Notes to Financial Statements
Nonspendable fund balance
Prepaid items
Restricted fund balance
Restricted for stabilization by state statute
Restricted for streets
Restricted for capital projects
Committed fund balance
Committed for capital projects
Assigned fund balance
Assigned for sidewalks -
Assigned for affordable housing -
Assigned for subsequent year’s expenditures -
Assigned for other expenditures -
Unassigned fund balance
Town of Hillsborough, North Carolina
Notes to Financial Statements
(12) Pensions
2.Reconciliation of GAAP and Budgetary-Basis Expenditures
(1) Reclassification of debt service payments.
3.Stewardship, Compliance and Accountability
A. Deficit in Fund Balance or Net Position of Individual Funds
Town of Hillsborough, North Carolina
Notes to Financial Statements
B. Excess of Expenditures over Appropriations
4.Detail Notes on All Funds
A. Assets
(1) Deposits and Investments
Town of Hillsborough, North Carolina
Notes to Financial Statements
Investments
Credit Risk
(3) Due from other governments
Town of Hillsborough, North Carolina
Notes to Financial Statements
(4) Receivables - allowance for doubtful accounts
(5) Capital assets
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
(6) Construction commitments
B. Liabilities
(1) Pension plans and postemployment obligations
Plan description
Benefits provided.
Contributions.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Refunds of contributions.
Actuarial assumptions.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Discount rate.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Sensitivity of the Town’s proportionate share of the net pension liability to changes in the discount rate.
Pension plan fiduciary net position.
Plan description.Separation
Allowance
(ii) Summary of significant accounting policies
Basis of accounting.
Town of Hillsborough, North Carolina
Notes to Financial Statements
(iii) Actuarial assumptions:
(iv) Change in actuarial assumptions:
(v) Contributions:
(vi) Pension liabilities, pension expense, and deferred outflows of resources and deferred inflows of resources
related to pensions:
Town of Hillsborough, North Carolina
Notes to Financial Statements
(vii) Sensitivity of the Town’s total pension liability to changes in the discount rate:
Town of Hillsborough, North Carolina
Notes to Financial Statements
Plan description.
.
Funding policy.
.
(2) Other postemployment benefit obligations
Plan description.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Actuarial assumptions and other inputs.
Town of Hillsborough, North Carolina
Notes to Financial Statements
Sensitivity of the total OPEB liability to changes in the discount rate.
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates.
Town of Hillsborough, North Carolina
Notes to Financial Statements
(3) Other employment benefit
Town of Hillsborough, North Carolina
Notes to Financial Statements
(4) Accounts payable and accrued liabilities
(5) Deferred outflows and inflows of resources
Town of Hillsborough, North Carolina
Notes to Financial Statements
(6) Risk management
(7) Claims and contingent liabilities
(8) Long-term obligations
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
Town of Hillsborough, North Carolina
Notes to Financial Statements
(9) Operating leases
C. Interfund balances and activity
Transfers to/from other funds
D. Net investment in capital assets
Town of Hillsborough, North Carolina
Notes to Financial Statements
E. Fund balance
5.Jointly Governed Organization
6.Changes in Accounting Principles
Accounting and
Financial Reporting for Postemployment Benefits Other than Pensions
7.Significant Effects of Subsequent Events
Required Supplementary Financial Data
Town of Hillsborough, North Carolina
Exhibit A
Law Enforcement Officers' Special Separation Allowance
Required Supplementary Information
Schedules of Changes in Total Pension Liability
Last Two Fiscal Years
Notes to the Schedules:
The amounts presented for each fiscal year were determined as of the prior fiscal year ended December 31.
Town of Hillsborough, North CarolinaExhibit B
Law Enforcement Officers' Special Separation Allowance
Required Supplementary Information
Schedules of Total Pension Liability as a Percentage of Covered Payroll
Last Two Fiscal Years
Notes to the schedules:
The Town of Hillsborough has no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement
73 to pay related benefits.
Town of Hillsborough, North CarolinaExhibit C
Schedule of Changes in the Total OPEB Liability and Related Ratios
Required Supplementary Information
June 30, 2018
Notes to the Schedule:
*Changes of assumption and other inputs reflect the effects of changes in the discount rate of each period. The following
are the discount rates used in each period.
Town of Hillsborough, North Carolina
Exhibit D-1
Schedules of Proportionate Share of Net Pension Liability (Asset)
Local Government Employees' Retirement System
Required Supplementary Information
Last Five Fiscal Years*
* The amounts presented for each fiscal year were determined as of the prior fiscal year ending June 30.
Town of Hillsborough, North Carolina
Exhibit D-2
Schedules of Contributions
Local Government Employees' Retirement System
Required Supplementary Information
Last Five Fiscal Years
Supplementary Information
Schedule 1
Town of Hillsborough, North Carolina
(5 pages)
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018 with Comparative Actual Amounts for
Year Ended June 30, 201
7
Schedule 1
Town of Hillsborough, North Carolina
(5 pages)
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018 with Comparative Actual Amounts for
Year Ended June 30, 201
7
Schedule 1
Town of Hillsborough, North Carolina
(5 pages)
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018 with Comparative Actual Amounts for
Year Ended June 30, 201
7
Schedule 1
Town of Hillsborough, North Carolina
(5 pages)
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018 with Comparative Actual Amounts for
Year Ended June 30, 201
7
Schedule 1
Town of Hillsborough, North Carolina
(5 pages)
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended June 30, 2018 with Comparative Actual Amounts for
Year Ended June 30, 201
7
Town of Hillsborough, North Carolina
Schedule 2
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Town Barn Improvements Capital Project Fund
Year Ended June 30, 2018
Schedule 3
Town of Hillsborough, North Carolina
(2 pages)
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2018
Schedule 3
(2 pages)
Schedule 4
Town of Hillsborough, North Carolina
(2 pages)
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
s
Budget and Actual
Nonmajor Governmental Funds
Year Ended June 30, 2018
Schedule 4
(2 pages)
Town of Hillsborough, North Carolina
Schedule 5
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Capital Projects Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 6
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
General Capital Reserve Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 7
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Downtown Improvements Capital Project Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North CarolinaSchedule 8
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Riverwalk CMAQ Capital Project Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 9
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Rail Station Capital Project Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 10
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Public Works Building Capital Project Fund
Nonmajor Capital Project Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 11
Schedule of Revenues
Budget and Actual (Non-GAAP)
d
Water and Sewer Fun
Enterprise Fund
Year Ended June 30, 2018 with Comparative Actual Amounts
for Year Ended June 30, 2017
Schedule 12
Town of Hillsborough, North Carolina
Schedule of Expenditures(3 pages)
Budget and Actual (Non-GAAP)
Water and Sewer Fund
Enterprise Fund
Year Ended June 30, 2018 with Comparative Actual Amounts
for Year Ended June 30, 2017
Schedule 12
Town of Hillsborough, North Carolina
Schedule of Expenditures(3 pages)
Budget and Actual (Non-GAAP)
Water and Sewer Fund
Enterprise Fund
Year Ended June 30, 2018 with Comparative Actual Amounts
for Year Ended June 30, 2017
Schedule 12
Town of Hillsborough, North Carolina
(3 pages)
Schedule of Expenditures
Budget and Actual (Non-GAAP)
Water and Sewer Fund
Enterprise Fund
Year Ended June 30, 2018 with Comparative Actual Amounts
for Year Ended June 30, 2017
Schedule 13
Town of Hillsborough, North Carolina
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual (Non-GAAP)
Water and Sewer Capital Projects Fund
Enterprise Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 14
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual (Non-GAAP)
Water and Sewer Capital Reserve Fund
Enterprise Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 15
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual (Non-GAAP)
d
Stormwater Fun
Enterprise Fund
Year Ended June 30, 2018
Town of Hillsborough, North Carolina
Schedule 16
Statement of Changes in Assets and Liabilities
Special Assessment Debt Agency Fund
Fiduciary Fund
Year Ended June 30, 2018
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Additional Financial Data
Schedule 17
Town of Hillsborough, North Carolina
Schedule of Ad Valorem Taxes Receivable
June 30, 2018
Town of Hillsborough, North Carolina Schedule 18
Analysis of Current Tax Levy
Year Ended June 30, 2018
* Total adjusted levy includes discoveries and abatements.
** Property tax valuation prior to the discoveries and abatements.
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Statistical Section
Page
Financial Trends Information
Revenue Capacity Information
Debt Capacity Information
Demographic and Economic Information
Operating Information
Sources:Unlessotherwisenoted,theinformationintheseschedulesisderivedfromthecomprehensive
annualfinancialreportsfortherelevantyear.TheTownimplementedGASBStatement34in2004;schedules
presenting government-wide information include information beginning in that year.
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Financial Trends Information
Town of Hillsborough, North Carolina
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Table 1
Town of Hillsborough, North Carolina
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Table 2
(4 pages)
Town of Hillsborough, North Carolina
Changes in Net Positio
n
Last Ten Fiscal Years
(accrual basis of accounting)
Table 2
(4 pages)
Town of Hillsborough, North Carolina
Fund Balances
Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Table 3
Town of Hillsborough, North Carolina
Changes in Fund Balance
Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Table 4
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Revenue Capacity Information
Town of Hillsborough, North Carolina
Program Revenues by Function/Program
Last Ten Fiscal Years
(accrual basis of accounting)
Table 5
Town of Hillsborough, North CarolinaTable 6
Tax Revenues by Source
a
Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
b
a
This table presents the Town's most significant source of revenues. All other taxes and revenues are either
comparatively insignificant or levied by a governmental entity other than the Town of Hillsborough.
b
Ad Valorem tax revenue increased by 46.73 percent in the past ten years. This is primarily due to property
values being re-evaluated every four years. During the last ten years, there were two re-evaluation periods
2009 and 2017. The revaluation periods along with increasing property values and steady growth has caused
a significant increase in Ad Valorem Revenue from 2008 to 2017.
Town of Hillsborough, North Carolina
Table 7
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
Source: Annual County Report of Valuation and Property Tax Levies.
* Real property values exclude tax-exempt property.
Note:Propertyinthecityisreassessedeachyear.Propertyisassessedatactualvalue;therefore,the
assessed values are equal to actual value. Tax rates are per $100 of assessed value.
Town of Hillsborough, North CarolinaTable 8
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $100 of assessed value)
Source: Orange County
Note:TheTown'sbasicpropertytaxratemaybeincreasedonlybyamajorityvoteoftheelectedTownBoard
of Town Commissioners.
a
OverlappingratesarethoseoflocalandcountygovernmentsthatapplytopropertyownerswithintheTownof
Hillsborough.
b
The Fire District Tax applies to properties outside of the city limits.
Table 9
s
Orange County Board of Equalization and Assessment, and Orange County Department of Finance.
Town of Hillsborough, North CarolinaProperty Tax Revenue and CollectionLast Ten Fiscal Years
Sources:
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Town of Hillsborough, North Carolina
Water Sold by Type of Customer and In and Out of Town
Last Ten Fiscal Years
Source: Town of Hillsborough, Water Billing Office.
Revenue collected includes late payment penalties.
Due to an issue during a software system conversion in FY 2016, some of the gallons billed
data was lost and is therefore, lower than expected.
Table 11
dsewer
Table 12
te.
te.
e.
s
Town of Hillsborough, North CarolinaWater and Sewer RateLast Ten Fiscal Years
Rate changes are effective with July 1 water usage unless otherwise stated.Theconstructionofareservoirin1998andrenovationsofanagingwaterandwastewatertreatmentplanthavecausedsignificantincreasesinwate
ranrates over the past ten years.Prior to 7/1/15, a flat charge was billed for 0 to 2,700 gallons. Any usage over 2,700 gallons was billed per 1,000 gallons raBeginning 7/1/15, a flat
charge was billed for 0 to 2,600 gallons. Any usage over 2,600 gallons is billed per 1,000 gallons raBeginning 7/1/16, a flat charge is billed for 0 to 2,500 gallons. Any usage over
2,500 gallons is billed per 1,000 gallons rat
Debt Capacity Information
a
Table 13
Details regarding the Town's outstanding debt can be found in the notes to the financial statements.
See Table 17 for population data. These ratios are calculated using population for the prior calendar year.
Town of Hillsborough, North CarolinaRatios of Outstanding Debt by TypeLast Ten Fiscal Years
Note:
a
Town of Hillsborough, North CarolinaTable 14
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
a
b
Note:Details regarding the Town's outstanding debt can be found in the notes to the financial statements.
a
See Table 7 for property value data.
b
Population data can be found in Table 17.
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Town of Hillsborough, North Carolina
Table 15
Direct and Overlapping Governmental Activities Debt
June 30, 2018
Sources:AssessedvaluedatausedtoestimateapplicablepercentagesprovidedbytheOrangeCounty
Property Assessment Division. Debt outstanding data provided by each governmental unit.
Town of Hillsborough, North Carolina
Legal Debt Margin Information
Last Ten Fiscal Years
Note:Under state finance law, the Town's outstanding general obligation debt should not exceed 8 percent of
total assessed property value.
Table 16
Demographic and Economic Information
Town of Hillsborough, North CarolinaTable 18
Principal Employers
Current Year and Nine Years Ago
Source: Town Economic Development Division and Employment Security Commission.
Note: Information regarding Town's total employment is not available.
* Data not available
Town of Hillsborough, North CarolinaTable 19
Full-Time Equivalent City Government Employees by Function/Program
Last Ten Fiscal Years
Source: Town Finance Office. Positions reported at June 30th are positions filled.
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Operating Information
Town of Hillsborough, North Carolina
Operating Indicators by Function/Program
Last Ten Fiscal Years
a
b
Sources: Various city departments.
a
Alternative school added for students who have not been successful in the traditional school setting in FY06
b
Core classes only reported in FY11, FY12 and FY13
c
Data used from previous year
Table 20
c
Town of Hillsborough, North Carolina
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
b
a
Sources: Various city departments.
Note: No capital asset indicators are available for the general government or library function.
a
Storm sewer data not available.
b
Includes two parks owned by the Town but are located outside of the city limits.
c
2012 figure included private hydrants - 2013 actual number of hydrants from GIS
^ Estimated
> Includes brush and leaf trucks 2009 forward
Table 21
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Other Disclosures
Town of Hillsborough
Other Disclosures
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Town of Hillsborough
Other Disclosures
Town of Hillsborough
Other Disclosures
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Town of Hillsborough
Other Disclosures
Town of Hillsborough
Other Disclosures
Compliance Section
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Independent Auditors’ Report on Internal Control over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
Government Auditing Standards
Government Auditing Standards
Internal Control over Financial Reporting
Compliance and Other Matters
Government Auditing Standards
Town of Hillsborough’s Responses to Findings
Purpose of this Report
Government Auditing Standards
High Point, North Carolina
January 31, 2019
Town of Hillsborough, North Carolina
Schedule of Findings and Responses
Year Ended June 30, 2018
Finding 2018-001: Financial Accounting Closing Procedures
Material Weakness
Criteria:
Condition:
Cause:
Effect:
Identification of a repeat finding
Recommendation:
View of responsible official and planned corrective action:
Finding 2018-002: Excess of Expenditures over Appropriations
Criteria:
Condition:
Cause:
Effect:
Recommendation:
View of responsible official and planned corrective action: