At the same work session Jeff Mitchell and Sandy Tondreau, of Mitchell & Associates, reviewed their annual audit of the town's books for the fiscal year ending June 30, 2011. According to Mitchell the Town had total assets of $8.7 million and total liabilities of $3.9 million as of the end of the 2011 fiscal year, June 30. Most of the liabilities, he assured Council, were for bonded debt.

The Town runs its finances through three main accounts, he noted – the General Fund, the Health Center Fund and the Water/Sewer Fund. Receivables in the General Fund he noted, had "increased dramatically over the last year" primarily as a result of a Middleburg Bank stock tax payment in July of just over $260,000. The payment was accrued as revenue for June 2011.

On another happy note, Mitchell noted that the ongoing problem of water pumped through the town system vs water paid for by consumers was, at last, "headed in the right direction."