BOUNTIFUL -- City officials have aced another audit.
An audit of city books for the 2010-11 fiscal year came up with no major findings.
Gary Keddington, a partner in the accounting firm of Jensen & Keddington, of Salt Lake City, presented the results of the audit during a recent city council meeting. He said the audit found no significant problems or concerns. The audit is 120 pages long.
The only unique wrinkle to the audit this year is that the findings came out near the end of September, two months earlier than usual. It caught the attention of Mayor Joe Johnson, who lavished praise on city staff. He noted many of the final numbers for the fiscal year aren't available until early September.
"Our staff does a great job. It's good to have another set of eyes look at our stuff," Johnson said of the city's financial picture.
Johnson said the city is in good shape financially.
As part of the review process, Keddington said he looked at internal controls, looked for fraud and tested for compliance with existing laws and regulations.
Some details released in the audit include:
SBlt Bountiful's assets exceeded its liabilities as of June 30, 2011, by $214,637,167.
SBlt The city's net assets increased by $5.6 million from the prior year. Of that figure, $608,300 was associated with governmental and $5,011,264 with business-type activities.
SBlt The unassigned fund balance for the general fund at the end of the fiscal year was $2,184,161 or 15.10 percent of total general fund expenditures.
SBlt Due to a power project under way, the city's bonded debt obligations increased by $14.5 million during the year. The city's total bonded debt totaled $19.4 million at the end of the year, but all of the bonded debt was secured by specific revenue sources.
SBlt There was a significant increase in the amount of natural gas franchise taxes for the fiscal year. City officials budgeted for $700,000 but brought in $905,323 from that revenue source.
SBlt The city's revenue from all governmental activities increased $324,718 for the year, of which $299,653 came from increased sales and franchise taxes.
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