The Commerce City Council received a glowing summation of its most recent audit and its financial operations Monday night, Nov. 21.
“For a government your size, with the activity you have going on with your utilities, etc., you should be proud,” offered Beth Grimes, a partner with Bates Carter & Co., the city’s auditors.
In addition to receiving a “clean” audit with no findings, the city ended the 2015-16 fiscal year June 30 with reduced debt, growth of reserves and revenue over expenditures. In fact, Grimes said General Fund reserves were equal to 40 percent of its annual operating budget.
“I’m glad to see a government that is a very good steward of its resources,” she told the council.
Mayor Clark Hill praised city manager James Wascher — who has served as the city’s finance director for years — for the audit report and the city’s overall financial progress.
“Every fund has less going out than going in” Hill said. “We were able to get the reserves where they need to have been.
“Most importantly, we funded depreciation. This is the first year we’ve really been able to fund depreciation. …Down the road we won’t be borrowing money to buy every piece of equipment we need. That’s a huge accomplishment.”
For the full story, see the Nov. 30 issue of The Commerce News.
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