CLINTON -- The city is financially healthy and well-managed, according to an audit report by Ryan Child of Wood, Richards & Associates.
Child said the findings for the fiscal year ending June 30, 2011, showed improved cash positions compared to the previous year.
"The results of the audit were what I expected, but a positive audit shows that revenue is growing with controlled expenditures, and that shows good management and oversight," said City Manager Dennis Cluff.
"The highlight of the year was the collection of a note receivable that increased cash in a special revenue fund by nearly $1 million," Child said. "This was payback of grant funds given to the city and loaned on a 20-plus year basis to a developer in 1985 for low/moderate-income housing rent subsidies."
He said when the loan was fully repaid in June 2011, the city put the money in an account for special projects. Child said the city has maintained an unrestricted fund balance in the general fund of more than the 5 percent of budgeted revenues as required by state law.
The city's 58-acre park and city buildings at 2300 N. 1500 West were built with a $4.9 million revenue bond originally taken out in 2007.
"This is the only bond owed by the city, and after the current 2011-2012 budget year there is only five years left to pay on it," said Child.
"We have a good start to the current year as financial indicators show continued growth in revenues and that's positive for our entire community," Cluff said.
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