Salisbury has another smooth financial audit

The city’s annual audit report, prepared by accountants Barbacane, Thornton & Co., shows the city to be in a favorable financial position as it heads into the new year.

Under the direction Finance Director Keith Cordrey, Salisbury has maintained its strong financial footing, and was offered not a single note, issue or new recommendation by the auditors.

Audit highlights include:

  • As of June 30, 2017, net position of the city’s business-type activities was $68,074,789 – an increase of 17 percent.
  • The General Funds Balance increased to $12,572,234 from $12,446,573.
  • Actual expenditures (before other financing uses) were $38,296,282, which was $2.2 million below original budget amounts, with all departments under-budget for the year.

Pamela Baker of Barbacane Thornton reported to the City Council that the audit did not find “any material weaknesses, any significant deficiencies,” and therefore did not have any new recommendations to offer.

Baker offered her congratulations for “a good job being done by the Finance Department, especially when they had a year of some changes in personnel.”

“So, the controls are working well, they are in place, and this was a good test year for that,” she said, “because those controls transitioned with new people coming in and moving into those rolls, and having to pick up the process and carry it forward.”

The audit was accepted at the council’s Dec. 11 meeting.

In some past years, Salisbury’s audits found problems that generated controversies in the city government. Mayor Jake Day said citizens should be happy with the audit.

“It is an honor and a pleasure for me to report once again, that through sound management and smart budgeting, the financial shape of our city is stronger than ever,” Day said.

“Looking around the country at cities in fiscal crises, I am proud to say that Keith Cordrey and his team in our Finance Department continue to do what I believe is the best work of any financial department in any small city, period,” he said.

 

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