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Posted on: January 7, 2022

Town Council Receives Annual External Audit

Financial report cover

Watch the meeting online.

The Town of Holly Springs continues to be fiscally healthy, as reported by the Town’s independent external auditor, Cherry Bekaert CPAs and Advisors, at the Jan. 4 Town Council meeting.  The annual audit for the year ending June 30, 2021, shows strong financial reserves and high credit ratings. 

Key takeaways from the report also included high property tax collection rates and higher than projected sales tax revenue.

The newly-released 2021 Annual Comprehensive Financial Report includes the report of the auditor, which has their unqualified “clean” opinion. It also has financial statements, and details and analysis of the Town’s financial situation.

Over the past decade, the Town’s tax base has doubled to $6.4 billion, enabling Town leaders to finance the necessary infrastructure and other capital expenditures to support the Town’s growth. During that time, the population has increased by 56 percent to more than 44,000. 

The downtown area has experienced a large increase in commercial growth. Late last year, UNC Health Rex Holly Springs Hospital opened at the edge of downtown.

In 2021, major announcements by Fujifilm Diosynth Biotechnologies and Amgen bolstered Holly Springs’ reputation as one of the country’s leading locations for life sciences.

Also at its Jan. 4 meeting , the Town Council approved a rezoning request for about 5.3 acres at the intersection of Holly Springs New Hill Road and Old Holly Springs Apex Road, near Thales Academy. 

The developer had assembled seven parcels totaling approximately 5.8 acres for Community Business uses. Days before the Council meeting, however, a half-acre had to be removed from the request after being acquired by a different owner. 

The intersection of Holly Springs New Hill Road and Old Holly Springs Apex Road is expected to be realigned to make it safer. The rezoning applicant had agreed to pay $234,000 toward the cost of realignment. The applicant has since also agreed to help cover potential additional right-of-way costs (up to $100,000) resulting from the half-acre removal.

In other business Jan. 4, the Council appointed Russell Lichtenstein to the Tree Advisory Committee to fill a term ending June 2023.

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