TOWN OF LAKE LURE REGULAR TOWN SPECIAL WORK SESSION AND ACTION MEETING m I m Monday, March 4, 2025, at 9:00 a.m. Lake Lure Fire Department CESST 1921 Agenda Roll Call: Commissioner Jim Proctor Commissioner Dave DiOrio Commissioner Patrick Bryant Commissioner Scott Doster Mayor, Carol C, Pritchett Town Manager, Olivia Stewman Stephen Ford, Finance Director Claire Earnhardt, CPA Laura Krejci, Communications Director Absent: I. Call to Order Mayor Carol C Pritchett called meeting to order at 9:00am. II. Agenda Adoption: No agenda to adopt. III. Audit Presentation Stephen Ford, Finance Director introduced Claire Earnhardt from Martin, Starnes, and Associates, CPAs. Claire Earnhardt began her presentations. She began by stating there were no unmodified opinion, which means there was no discrepancies to the public. General Fund had a growth of about 470,000 or 9.4% from year 2022 to 2023. Expenditures showed a decrease. Available fund balance for the year 2023 showed 6.3 million. The Top 3 in the General fund for revenue was Ad Valorem, un-restricted Intergovernmental, and others. The Top 3 expenditures are Public Safety, cultural and recreation, and other (special projects, insurance, etc.) Overall, it was found we have material weakness, proper material documentation, and delays in providing documentation. Most issues can be explained or resolved. At this time we have 60 days to provide a response. There were 6 findings for 2022, two of which have been corrected. At this time Claire completed her presentation of the Audit for the year 2022-2023. Discussion ensued with findings. The board thanked Claire and Stephen for their work on the audit. IV. Public Comments No public Comments. V. Adjournment: Commissioner Patrick Bryant made a motion to adjourn. Commissioner Dave DiOrio seconded the motion and all were in favor. Attest: dwbe maii l 4 AA/ Kimberly Martin, Town Clerk Carol C. Pritchett, Mayor a