Auditor Presents City's Annual Financial Report to Board

Mike Williams of Hochschild, Bloom & Company, LLP, Certified Public Accountants, presented the comprehensive annual financial report (CAFR) and an independent auditor's report at the regular board of aldermen meeting Wed., July 27.

The CAFR was for the fiscal year that ended Dec. 31, 2011 and is available on the city's website and also as a .pdf accompanying this story.

The city's total assets were reported at over $231 million and liabilities at almost $78 million, for a net asset amount of about $153 million.

Total revenues were about $41.9 million and total expenses were about $33.5 million.

Williams pointed out that the general fund, the major operating fund for the city, had been budgeted $14.8 million for revenues and $15.2 million for expenditures. Those figures actually came in at $15.3 million for revenues and $14.8 million for expenditures.

"That's the way you want to be," Williams said.

The city's report received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for the highest standards in government accounting and financial reporting.

Williams' firm did have two suggestions for future reporting, which he said had also been pointed out in 2010: documenting court bond liabilities and standard financial operating procedures. The board placed those items on the agenda for future board discussion.

Mayor Nick Guccione was absent, so Board President Rick Stokes presided over the meeting. Ward 1 Alderman Forrest Gossett was absent, but listened and participated in discussion over a speaker phone.