Audit of most recent fiscal year appears to show Middlesex is in good financial shape
The Middlesex County Board of Supervisors (MCBS) voted to approve its annual audit on Jan. 3 for the fiscal year (FY) ending June 30, 2022 and it appears that the county is in good financial shape.
Paul Lee of Robinson, Farmer, Cox Associates PLLC, said one of the few downsides in the FY 21-22 fiscal budget was that real estate tax collection was down from 98% from the fiscal year before to 96% but most other areas improved, he said.
The audit showed that the county’s capital assets amount to $21,013,382, which includes land, construction in progress, buildings and improvements, machinery and equipment, and infrastructure.
The county debt decreased by $2,728,823. At end of fiscal year, the county had total debt outstanding of $15,856,868. Of that amount, $1,295,000 comprises debt backed by the “full faith and credit of the county.”
The remainder of the county’s debt represents bonds secured solely by specified revenue sources…
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