Audit reveals clean opinion for Archdale

This was primarily due to an increase in the ad valorem tax rate from 29 cents to 31 cents per $100 of assessed property value. Additionally, the city’s total assessed value increased slightly over the previous year. The percentage of the net levy collected was 99.42%.

The city generated $15,383,437 in total revenue, while its expenses totaled $12,433,044 during the 2021-22 FY.

The city’s net position came to $60,479,009, an increase from the prior year of more than $2.38 million. Governmental activities included two new funds this year, the American Rescue Plan Act (ARPA) Fund and the State Capital and Infrastructure Fund (SCIF) Fund. These funds account for restricted cash received from federal and state grants.

In the way of unique federal contributions for the 2021-22 FY, the U.S. Department of Treasury issued $213,135 in Coronavirus State & Local Fiscal Recovery Funds. The U.S. Department of Justice also contributed $33,289, bringing the total assistance from federal programs to $246,424.

Its unassigned fund balance — or the money on which no external or internal constraints exist — was $4,377,754, or 49% of the total general fund expenditures for the 2021-22 FY.

A total of 93% of general fund revenues come from the following four sources: property taxes (35%), local sales taxes (39%), sales and services (12%) and utility sales tax (6%). The fund balance for the General Fund includes $676,621 assigned by City Council to be used for possible future economic development incentives and $2 million assigned for capital expenditures.