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Owensboro audit: clean opinion, strong fund balances as city posts year-to-date revenue gains
Summary
The Owensboro City Board of Commissioners received a clean annual audit and a November financial report showing growing fund balances, reduced long-term debt and stronger-than-budgeted revenues; the board voted to file the financial report and accepted the audit.
Owensboro City officials told the Board of Commissioners on Dec. 16 that the city received an unqualified (clean) annual audit and is on solid financial footing.
Max, the lead auditor from ATA PLLC, said the audit produced "an unqualified or clean opinion," that the government has a substantial unrestricted general fund balance and that long-term debt and unfunded pension and OPEB liabilities have decreased in recent years. He reported a combined governmental fund balance of $98,900,000 and noted the general fund equates to roughly 200 days of expenditures — well above the Government Finance Officers Association minimum. "Everything was in good order," Max said.
City Manager Nate introduced the audit and thanked finance staff for the work that produced no significant audit adjustments and no federal single-audit findings. Angela Wanninger, the finance director, later reviewed November financials: November actual revenues were $11,348,003 versus budgeted $11,321,079 (a $27,248 positive variance), and five-month actual revenues were $38,263,130 versus budgeted $37,042,079 (a $1,221,051 positive variance). Wanninger attributed the revenue gains mainly to property taxes, occupational withholding and net profits and noted timing differences in TIF receipts.
Commissioners asked for context about pension trends; a commissioner asked whether changes to state income tax policy would affect the city's pension obligation. Wanninger and the auditor said the state's actuarial process and investments drive CERS rates and that actuarial assumptions and long-term funding plans govern the liability, which is amortized over decades.
After discussion, a commissioner moved to receive the audit and the board approved the motion. The board also voted to file the November financial report for audit.
The meeting record shows no audit findings and thanks from the auditors to city finance staff for facilitating the field work. The board took no additional action tied to the audit at this meeting.
