SALISBURY, – Mayor Jake Day is pleased to announce that the annual Audit Report, prepared by Barbacane, Thornton & Company LLP, has been presented to the City Council, and it once again shows the City to be in a favorable financial position as we head into the New Year.
Under the direction of Keith Cordrey, Director of Finance, the City of Salisbury has maintained its strong financial footing, and was offered not a single note, issue or new recommendation by the auditors – a sign of sound stewardship. Highlights of the audit include:
– As of June 30, 2017, Net position of the City’s business-type activities was $68,074,789 – an increase of 17%
– 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. Ms. 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, because those controls transitioned with new people coming in and moving into those roles, and having to pick up the process and carry it forward.”
The audit was accepted the City Council at their December 11 meeting.
Mayor Day said, “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. 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.”