BOUNTIFUL -- This city has aced another audit.
An audit of city books for the 2011-12 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 122 pages long.
Bountiful has three certified public accountants on staff and has been awarded the certificate of excellence in financial reporting for 31 consecutive years by the Government Finance Officers Association.
In the audit, Jensen & Keddington said it would recommend the community for the award again.
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:
* Bountiful's assets exceeded its liabilities as of June 30, 2012, by $222,011.
* The city's net assets increased by $7.3 million from the previous year.
* The unassigned fund balance for the general fund at the end of the fiscal year was down $6.3 million from the previous year but is still at $37.3 million, with $33.7 million of that being unassigned.
* The city's bonded debt obligations went down by $1.4 million for the year. The city currently has $19.5 million in long-term liabilities, most of them associated with the recent $25 million renovation project of a gas-powered energy plant operated by Bountiful City Light & Power Company.
* Property tax collections went down in the city during the fiscal year, compared to the year before. Property taxes generated $4 million in revenue in 2010-11 and $3.98 million in 2011-12.
* The audit also covers windstorm damage and reimbursements from a Dec. 1, 2011, windstorm that caused millions worth of damage in the community. The city collected $247,360 in FEMA grants related to the storm during the year.
* Sales tax continues to be the biggest single source of revenue for the city. Thirty percent of the budget revenue comes from sales tax, 20 percent from property tax and 16 percent from franchise taxes, the audit points out.