Fairhope, Alabama
2012 AUDIT PRESENTED
The city council voted unanimously to accept the annual audit report for the fiscal year that ended Sept. 30, 2012.
In response to a question from the mayor, the auditor talked about how much finances had improved sine the 2008 audit, when expenses had almost outstripped revenue and cash reserves had been depleted.
Auditor: "I complement you on the efforts you continue to make to try to further streamline and further manage the assets ... taken great steps in accumulating reserves ... never know when the next hurricane's going to hit ... FEMA takes anywhere from 8, 12, 16 months to reimburse you... having that reserve is valuable ... having that 7 million ... from the position we were several years ago to where we are now... its a positive result .... ."
He said total assets of $161.6 million vs. liabilities (debt) of $47.2 million put the city on "significant, sound financial footing" -- at that time.
2012 AUDIT PRESENTED
The city council voted unanimously to accept the annual audit report for the fiscal year that ended Sept. 30, 2012.
In response to a question from the mayor, the auditor talked about how much finances had improved sine the 2008 audit, when expenses had almost outstripped revenue and cash reserves had been depleted.
Auditor: "I complement you on the efforts you continue to make to try to further streamline and further manage the assets ... taken great steps in accumulating reserves ... never know when the next hurricane's going to hit ... FEMA takes anywhere from 8, 12, 16 months to reimburse you... having that reserve is valuable ... having that 7 million ... from the position we were several years ago to where we are now... its a positive result .... ."
He said total assets of $161.6 million vs. liabilities (debt) of $47.2 million put the city on "significant, sound financial footing" -- at that time.
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