Issue link: http://townofcary.uberflip.com/i/635085
As required by the Town's current contractual agreement with the partners, the auditors performed procedures for fiscal year ending June 30, 2015, which included a review of all projects related to WWRWMF that are covered by the interlocal agreements with Apex, Morrisville and Wake County. Partner billings, primarily for the Town of Apex, were reviewed for mathematical accuracy and the percentages billed were verified against the interlocal agreements and any related amendments. Partner participation was found by the auditors to be accurate and compliant with the agreement. The auditors also noted that calculations appeared to be mathematically accurate and information presented in the schedules was consistent with supporting documentation provided by staff. Western Wake Regional Wastewater Management Facility (WWRWMF) special audit procedures Because the majority of the construction has been completed on these projects, fiscal year 2015 will be the last year that special procedures are performed. In the future operational expenditures and partner billings for the Western Wake facility and related systems will be a component of the regular annual audit testing and verification, similar to how the Cary/Apex Water Treatment plant operating expenditures are tested. The elimination of the special audit procedures will save the partners about $7,000 per year. Town of Cary: Recent Accolades Budget Update General Fund revenues for FY16 currently are projected to be $1.1 million (0.8%) above the budgeted level. Higher than expected growth in several economy-driven revenues (sales tax, occupancy tax, and ABC distribution) accounts for 70 percent of the extra revenue. Investment earnings are ahead of budget as the Town works to take advantage of rising interest rates. Solid waste fees are about $100,000 (1.1%) below budget due to a lower than projected house count.