10 Years of Positive Financial News

Clinton City Council received good news this week regarding the annual audit of its finances. Sheryl Medders, CPA of the McKinley-Cooper accounting firm addressed Clinton City Council with her company’s annual audit of city finances. She said “Based on our work, we conclude that the financial statements are fairly stated in all material respects.  This is referred to as a clean opinion or an unmodified opinion.”

At the December meeting of Clinton City Council Monday evening, Ms. Medders point out some significant changes in the audit from previous years.

First, the Sanitation Division revenues and expenses have historically been shown in the General Fund.  Now, there is a separate fund for Sanitation that stands on its own.  During the fiscal year ending June 30, 2017 the Sanitation Division realized revenue of $438,625 and had expenses of $513,272 – a loss of $74,647.   She noted that it is the stated intent of council to separate this line item from the General Fund and have the Sanitation Division eventually support itself.

Secondly, the Clinton Economic Development Corporation (CEDC) has now become fiscally independent from the city.  The assets and liabilities as well as the revenues and expenses of the CEDC are no longer reported as a component unit of the city in the annual audit.

Ms. Medders pointed out that the budgeted expenses within the General Fund totaled $8,889, 908 and the actual expenses for the year were $8,423,737.  She said that the city departments had done a good job in following the budget and coming in under the budget.

The audit shows that the net position of the city has steadily improved over the past ten years.  There has been an increase in net position each year.  She commended the city for spending less than its revenues each year allowing the city’s net financial position to increase.

After the presentation by Ms. Medders, council voted unanimously to accept the annual audit as presented.