“Our audit for the fiscal year 2013 was conducted in accordance with auditing standards generallly accepted in the United States,” said Christian Hatch, an accountant with Williamson & Co. CPAs. “For the year ending Dec. 31, 2013, the city receives an unmodified audit opinion also known as a ‘clean opinion’ and it says that the basic financial statements were fairly presented and all material respects and conform with all generally accepted accounting principles.”
Hatch said that at year’s end total assets exceeded total liabilities by $27,272,759, an increase of $2,472,595.
“Seventy-five percent of these increases,” he said, “occurred in the business type activities of the water, sewer and gas funds.”
Hatch said that total tax revenues amounted to $2,211,015 mostly from Special Purpose Local Option Sales Tax (SPLOST) and hotel/motel taxes. A cash balance of $5,455,591 was mainly derived from certificates of deposit and money market accounts.
The proprietary funds, which is water, sewer and gas funds and cash vouchers, increased by $903,704.
“One thing I want to point out,” Hatch said, “is the debt activity in the city. You will see a table that shows the debt issued to purchase three new police cars for $104,715.”
Hatch cautioned the council that he had reported one audit finding of noncompliance with state regulations regarding financial reporting.
“We feel this can be corrected and eliminated in the 2014 budget,” he said.
The council voted unanimously to approve the audit.
In other business, the council:
• approved a motion to adopt the 2013 Condemned Drug Fund budget.
• approved general fund expenditures for costs associated with the lease and purchase of vehicles in 2013.
• approved a contract with Republic Services for residential and commercial waste collection.
The Adairsville City Council will hold a work session on Tuesday, July 8, at 7 p.m. at the Adairsville Depot.