Audited Financial Statements 2024

Audited financial statements for the fiscal year ended September 30, 2024 was presented by the Town's independent auditor, Carr, Riggs & Ingram, at the Town Council meeting on March 5. This was a somewhat unusual year for the Town, financially speaking. Some of the financial highlights are provided below. A copy of the complete audited financial statements prepared by CRI is available from Town Hall upon request. 

Financial Highlights

• The assets of the Town exceeded its liabilities at the close of fiscal year 2024 by $4,102,431 (net position). Of this amount, $3,485,545 (unrestricted net position or reserves) may be used to meet the government's ongoing obligations.
• The government's total net position increased from the prior year by a net amount of $1,401,617. Several factors were influential:
  • Pursuant to an interlocal agreement, the Town received a significant reimbursement of $978,596 in January 2024 from Indian River County for the costs of emergency dune repair projects undertaken by the Town within its boundaries following Hurricanes Matthew (2017), Irma (2018), and Dorian (2020).
  • Orchid's Town Hall was moved to a new location from which to better serve and represent the community, following which the former building in which Town Hall had been located was sold. That facility had been purchased in 2013 for $87,545 and the Town achieved a gain of $235,411 in its sale in June 2024.
  • Another boon to the Town's revenues were the high interest rates offered on the governmental checking account the Town holds with its qualified public depository. Interest revenue, at $155,718 was almost double of what was budgeted in this category.
• The Town anticipated in its original budget that an excess of $59,708 in revenues over expenditures would occur by year end, but these events caused actual revenues to exceed the originally budgeted revenues by $1,088,534.
• The Town's net investment in capital assets as of September 30, 2024 was $528,527 or 12.88% of net position (excluding the right-to-use lease asset for Town Hall). These capital assets of the Town consist of 109 streetlights along the roads within the Town, as well as furniture, fixtures and equipment for the operation of Town Hall, and a dune restoration project completed in fiscal year 2023 following Hurricanes Ian and Nicole in late 2022.
• The Town's millage rate decreased from 1.10 in 2023 to 1.00 in 2024. Although the tax rate was lowered, the overall receipts in this category were slightly higher than in the prior year due to increased property values within the Town, as determined by the Indian River County Property Appraiser. For the current fiscal year, the millage rate was lowered again, now to 0.70, the lowest millage rate since fiscal year 2015-2016.