By MELINDA J. OVERSTREET
for Glasgow News 1
The audit report for the City of Glasgow’s financial statements for the 2021-2022 fiscal year was presented Monday evening to the Glasgow Common Council.
Jeff Carter, a partner at the accounting firm of Taylor, Polson & Co., provided an oral summary of the report, kicking it off with the notation that, based on that company’s audit and the audits of others, “the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information” of the city for that year – July 1, 2021, through June 30, 2022.
Carter then put that in terms that have been used in prior years; in a nutshell, it was “a clean report,” he said.
The component units described in the report are the Glasgow Water Co., the Glasgow Electric Plant Board and the Glasgow Municipal Airport, each of which is city-owned but governed by its own separate board or commission. The EPB and GWC are audited by other firms and copies of their reports were provided to Taylor, Polson & Co., he said.
Carter later said the auditors identified no material weaknesses in internal controls, but a couple of adjustments did have to be made, and it was recommended that, although the current city treasurer and finance officer know the procedures, they should be consolidated into one manual, of sorts, with all their respective duties, so the information is readily accessible in the event that one of them is not available, rather than each having their own separate documents.
The Management’s Discussion and Analysis section, he said, is the best place to see the audit year in comparison with the prior year, which would have been the fiscal year that ended June 30, 2021, in this case. Between those two years, total assets increased from $64,022,818 to $64,804,380, and total liabilities decreased from $37,759,634 to $33,952,829. The total net position, which factors in other elements, increased from $31,775,207 to $31,829,528.
Carter’s report continued for roughly 30 minutes, after which he answered a few questions from council members.
As with all council meetings in recent years, this one is streamed live and is available for later viewing on YouTube through the Glasgow Electric Plant Board, and the full audit report of more than 120 pages is available for viewing in the city administrative offices in Glasgow City Hall, 126 E. Public Square.
In other business, the council unanimously approved second reading of an ordinance allowing employees added to the base number at Nemak USA in Glasgow as part of an expansion to accommodate the needs of a potential new customer to have a reduction to their city payroll tax for 10 years, provided the company meets certain criteria that have been established with its application for economic incentives.
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