It’s a good sign when the auditor gives a glowing report of the city’s financial performance.
That’s exactly what Beth Grimes, a partner of Bates Carter & Co. did last Tuesday night, Jan. 21, as she presented Commerce’s audit for the fiscal year ending June 30, 2013.
In addition to declaring it a “clean” audit, Grimes hit the highlights of a fiscal year that ended June 30, 2013 with the city’s General Fund posting unencumbered reserves of $1.5 million, an increase of $145,573 for the period.
Finance director James Wascher concurred with Grimes’ analysis.
“It was a great audit; 2013 was one of the best years we’ve had in a long time,” he said, noting that during 2013 the city reorganized departments, had major personnel changes and underwent LOST (local option sales tax) negotiations. “We had a lot of things going on that really helped our budget,” he added.
While the General Fund had a $437,000 operational deficit, after transfers from other funds it wound up with revenues over expenditures of over $145,000 even though the city ended up transferring only half as much cash into the General Fund out of its utility funds as budgeted. Over all, the city’s reserves grew by $622,515 during the fiscal year.
“To see these reserves being built and maintained, I can’t say enough for the city’s stewardship and accountability,” Grimes said. “It really does please me to see those reserves being up there and being maintained and built upon.”
For the full story, see the Jan. 29 issue of The Commerce News.