The Town of Tryon improved its fund balance for fiscal year ending June 30, 2014 by $123,000, according to the town’s annual audit report.

Tryon Town Council met Feb. 19 and heard from Terry Andersen, with Carland & Andersen, Inc., Certified Public Accountants.

At the end of last fiscal year, which ended June 30, 2014, Tryon had an unassigned, or available for spending fund balance for its general fund of $539,638, or 40.2 percent of its general fund expenditures.

All funds combined, including Harmon Field, the fire department and assigned general fund balances, the town ended with a total of $1,025,224 in fund balances, with 50.4 percent, or $516,902 available for spending, according to the audit report.

The total fund balance for year-end 2014 was $123,633 more than the previous fiscal year total fund balance of year-end 2013.

Andersen said last year saw an increase in tax revenue in both the general fund and fire department funds with Harmon Field’s tax revenue remaining relatively consistent.

The water/sewer and sanitation departments saw positive fund changes of $300,000, according to Andersen. The fire department showed a deficit of roughly $18,000, according to the audit.

Tryon Town Manager and Fire Chief Joey Davis said during the latest budget amendments the town was not sure those amendments were properly done in reflecting grants. Davis told council Andersen has offered to help the town do budget amendments and he also plans to send himself or himself and town clerk Susan Bell to the N.C. Institute of Government for classes on budget amendments.

Other highlights of the audit report included that the town’s general fund debt last year decreased by $56,090. In the town’s other, proprietary funds, Tryon’s debt decreased by $280,722, all for paying off loans.

As of June 30, 2104, Tryon had total outstanding debts of $4,115,172. As of June 30, 2013, Tryon had total outstanding debts of $4,471,934, according to the audit report.

The town’s general fund revenues for fiscal year 2013-2014 totaled $1,481,694. The town’s actual revenues were $906,418 from ad valorem taxes; $457,204 in other taxes such as sales tax ($211,445); $68,075 in Powell Bill ($67,763) and seizure funds; $33,865 in sales and services such as rents and concessions and $16,122 in miscellaneous revenues, according to the audit report.

The town collected 96.83 percent of its property taxes during fiscal year 2013-2014 and 98.58 percent of its motor vehicle taxes for a total property tax collection rate of 96.99 percent, according to the audit report.

The audit did note one finding for Tryon in adjusting journal entries. The audit report states that there exists a lack of staff time and technical expertise to be able to monitor the accounting system for prevention and detection of potential errors. The auditors suggested the town use its outside accountant to prevent, detect and correct potential errors in the financial accounting system. Tryon agreed with the finding and said the town accountant will become more involved in the monthly review process.

The town’s current budget for fiscal year 2014-2015 is for a total of $2,107,709, which is a 9.4 percent increase over last year’s 2013-2014 total budget of $1,926,021.

Tryon Town Council unanimously adopted the auditor’s report.