FARR WEST — The city earned an unqualified opinion on its financial statements following an audit of the 2010-11 fiscal year by Wood Richards & Associates.
Farr West had $236,841 in the general fund as unrestricted cash, said Ryan Child, of Wood Richards & Associates. This was $64,000 less than at the same time a year ago.
The capital projects fund has $659,523, an increase of $172,000 compared with a year ago.
Unassigned funds were at $242,849, said Child, who added that these funds need to be between 5 percent and 18 percent, so Farr West’s 15 percent was right where it should be.
Child also said tax revenue was up by approximately $77,000 from a year ago, with sales tax being the major reason for the increase.
There were a few findings in the audit, said Child, who suggested the city close the account from the prior year’s Freedom Festival and bring the revenues and controls and procedures in line with the rest of the city’s controls and procedures.
He also said Utah state code requires money that is being handled be reviewed by a second clerk or city employee rather than passing through just one person.
Council members unanimously accepted the results of the audit.