External auditors report no compliance findings; city presents July financials showing year-to-date revenues under budget on accrual basis

At the Aug. 25 meeting the city's auditor, Giselle McDonald of (firm name redacted in packet), presented the municipal audit and delivered summary financials. The independent auditor's report said the city's financial statements were fairly presented in accordance with applicable accounting principles. The auditor reported no findings related to federal grant compliance.

In summary figures cited at the meeting, the auditor said the statement of net position reflected total current assets of about $15.5 million, total assets of about $32.4 million, liabilities of about $2.3 million and a net position (equity) of roughly $31.1 million; approximately 11.9 percent of the net position was noted as unrestricted in the presentation. The statement of activities showed total city expenses just under $20 million, program revenues of about $5.2 million and net cost figures offset by general revenues.

City Finance Director Carl presented July financials. He reported assets on hand of $9,673,033.78 and cash on hand of $3,681,463.59 as of July 31; fund balance ending at $3,235,017.89. Carl noted that July results were below budget in part because capital commitments had not yet been posted for the year; when capital commitments are recorded the budgetary comparisons will shift and the year-to-date picture will more closely match accrual-based net position trends the auditors showed.

Council accepted the audit presentation and voted to accept the monthly financial report.