Auditor: Doubt that Eros can Continue “as a going concern”

Things haven’t improved for the Town of Eros since last year’s audit. Repeat findings include late payments for taxes and deficit spending.

Condition: As of the year ended December 31, 2014, the Town’s governmental activities current liabilities exceeded its current assets by $14,621, and the Town of Eros showed a decrease in unrestricted net position of $4,139. These factors, as well as the uncertain conditions that the Town faces regarding revenue sources, create uncertainty about the Town’s ability to continue as a going concern.

Also,

Condition: During the compilation of the Town of Eros, payroll taxes collected by the Town due to federal and state governmental agencies were not remitted to the agencies in a timely manner. The Town Clerk and the Mayor are responsible for accounting for and remitting the payments and forms to the correct agency on behalf of the employees of the Town of Eros in a timely manner.

See here the complete report.

Advertisements

3 Responses to “Auditor: Doubt that Eros can Continue “as a going concern””

  1. Oldman Says:

    Small villages like Eros have a really hard time. Sometimes it’s better to just shut down and be a wide spot in the highway like Wyatt or Mt Olive.

  2. Oldermann Says:

    Should they merge with Chatham?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: