HomeMy Public PortalAboutTOL PR 2017-12-13 FY17 audit report
Town of Leesburg
News Release
For Immediate Release
December 13, 2017
Media Contact:
Betsy Arnett, Public Information Officer
barnett@leesburgva.gov 703-771-2734
Leesburg Receives Clean Audit Report for Fiscal Year Ending on
June 30, 2017
FY 2017 Comprehensive Financial Report (CAFR) available on town website.
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.
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