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Auditor: Opelika in strong financial position after debt payments; recommends earlier grant revenue recognition
Summary
An outside auditor reported March 3 that Opelika's government-wide assets exceeded liabilities, debt was paid down in the past year, and recommended a control to record grant receivables and revenue earlier to avoid delays in reimbursement recognition.
An auditor presenting to the Opelika City Council on March 3 summarized the city's fiscal position and a relatively minor federal compliance finding. The auditor said government-wide assets totaled 582,000,000 and liabilities 168,000,000 (net assets roughly 414,000,000), and noted the general fund held about 73,000,000 in total fund balances with roughly 71,000,000 unassigned.
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