10 Years of Economic Progress

Financing for major water and sewer repairs and news of continued financial improvement over ten years were part of the information shared with Clinton City Council this week during council’s January meeting. Sheryl Medders of the McKinley, Cooper and Company accounting firm was on hand Monday evening and presented a Comprehensive Annual Financial Report for the 2017-2018 fiscal year which ended on June 30, 2018. In doing so, she briefed council on some highlights contained within the audit.

Ms. Medders began by calling attention to the Certificate of Achievement for Excellence in Financial Reporting presented by the Government Finance Officers Association. The city has earned this certificate for many years and Medders pointed out that when the city seeks to borrow for capital projects through a bond issue, the presence of this certificate opens the doors to the most competitive interest rates in the municipal lending marketplace.

The audit carries an unmodified or “clean” opinion from McKinley Cooper, which basically means that the firm is confident that the report is an accurate representation of the financial condition of the city of Clinton.

A bond issue of $6,902,000 in July of 2017 was noted in the report. Of that total almost than half, $3,274,000 was used to pay off the remaining debt of a 2011 bond issue. The rest was used for projects including the replacement of water and sewer lines along South Broad Street, a sewer line connector at the I-26 Corporate Park and completing projects begun with the 2011 bond issue. Those included converting to remote meter reading and an overhaul of the city’s computer software.

Ms. Medders said the City of Clinton’s financial position had greatly improved in recent years. She said the fund balance has shown steady increase in each of the past ten years and the city’s net position has improved in all but one of the past ten years as well.

At the end of the presentation council voted to accept the audit as written. That vote was unanimous.