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Auditors Present FY18 Annual Financial Report

The City’s auditors (Lindsey + Associates, ) just finished our annual CAFR (Comprehensive Annual Financial Report), a review of our financial practices to ensure that there is minimal risk of fraud or material misstatement.

The auditor found that the City’s financial statements fairly present the financial position of the governmental activities of the City and its major funds, and that there were no material weaknesses in the City’s financial report .

The Report includes a lot of interesting information about the City’s financial health. The assets of the City exceeded its liabilities as of June 30, 2018 by $31.6 million (net position). Of this amount, $2.17 million is unrestricted and may be used to meet the City’s future obligations.

All of the $2.17 million unrestricted net position is related to governmental activities. In comparison with the prior fiscal year, the City’s total net position, all of which are related to governmental activities, increased $4.4 million from $27.2 million in FY 2017 to $31.6 million for FY 2018, as noted above. During FY 2018, the City’s long-term debt (excluding net pension liability and compensated absences) decreased by $774,000 as a result of paying down the principal of the Suntrust Master Lease and Parking Garage bonds. Total governmental funds’ fund balance increased from $19.7 million as of June 30, 2017 to $20.8 million as of June 30, 2018.

At the end of FY 2018 a planned transfer of $4.9 million of unassigned General Fund fund balance, over and above the Council adopted a goal of 25%, was made to the City’s Capital Projects Fund for future capital needs.

This transfer was in addition to the budgeted operating transfer of $3.1 million. Even with this transfer, the unassigned fund balance for the General Fund was $5.44 million, as of June 30, 2018, representing 33.6% of total General Fund expenditures for FY 2018. (In FY 17, the unassigned fund balance for the General Fund was $9.35 million, as of June 30, 2017 represented 62.9% of total General Fund expenditures for FY 2017.)

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