The city's audit was an unqualified report with no exceptions, Gregory T. Redman, a Tarboro CPA told council at its meeting Tuesday night.

The city's unassigned fund balance was reported in the document at $5,275,566, an increase over the previous audit, Redman said.

The difference between revenues over expenditures was $586,246, which Redman explained was a result of the city closely monitoring its spending.

This audit improved over last year's when three findings were stated — two material weaknesses and a significant deficiency were found. “They were all corrected,” Redman said.

City Manager Joseph Scherer said he was pleased with the audit findings. “All the previous issues have been corrected. There were no findings.”

Mayor Emery Doughtie was also pleased with the findings, thanking staff and department heads for working through difficult times.

Meanwhile, as the city continues to grapple with its theater debt, it also continues discussions with Davenport & Company, a brokerage company on refinancing, Finance Director MeLinda Hite told council.

Hite said there were no no takers from traditional banks on refinancing the debt due to the uncertainty of the sale of the venue. The next step is to look at non-traditional refinancing deals and a conference call is scheduled with the firm next week.

Scherer said non-traditional refinancing arrangements could mean an array of options from working with brokerage houses and other financial firms.