Fairhope, Alabama
CITY FINANCES IN VERY GOOD SHAPE
Lee Parks of the Birmingham-based Warren Averett accounting firm presented their FY 2017 (ended Oct 1, 2017) audit to the city council recently, giving city finances another unqualified opinion:
"An unqualified opinion is an independent auditor's judgment that a company's financial records and statements are fairly and appropriately presented, and in accordance with Generally Accepted Accounting Principles (GAAP). An unqualified opinion is the most common type of auditor's report."
Parks: "The city is in very good financial health ... had a good year."
(Potential new capital expenses such as utility upgrades are not considered in the yearly audit.)
The mayor is expected to comment about the audit at the annual state-of-the-city address Thursday (3PM Nix Center); two councilmen contacted by the Times declined comment.
Highlights included:
* Total assets were $202.4 million, up from $192.2 the previous year.
* Total liabilities were $46.6 million, down from $48.3 previously.
* Total net position was $155.9 million, up from $143.8 the year before.
* Total revenue was $66.4 million, up from $64.8 the year before.
* Total local taxes were $14.8 million, up from $13.6.
* Sales tax revenue was $8.1 million.
* Property tax revenue was $5.2 million.
* Lodging tax revenue $763K.
* Total expenses were $56.9 million, up from $56.4.
* Long-term debt was $24.5 million.
* Pension liability was $12.3 million.
* Post employment benefits liability (health care) was $4.3 million.
* The city had 294 full-time employees, up from 288 the year before.
* School enrollment was 5,416, up from 5,333.
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| CPA Lee Parks |
CITY FINANCES IN VERY GOOD SHAPE
Lee Parks of the Birmingham-based Warren Averett accounting firm presented their FY 2017 (ended Oct 1, 2017) audit to the city council recently, giving city finances another unqualified opinion:
"An unqualified opinion is an independent auditor's judgment that a company's financial records and statements are fairly and appropriately presented, and in accordance with Generally Accepted Accounting Principles (GAAP). An unqualified opinion is the most common type of auditor's report."
Parks: "The city is in very good financial health ... had a good year."
(Potential new capital expenses such as utility upgrades are not considered in the yearly audit.)
The mayor is expected to comment about the audit at the annual state-of-the-city address Thursday (3PM Nix Center); two councilmen contacted by the Times declined comment.
Highlights included:
* Total assets were $202.4 million, up from $192.2 the previous year.
* Total liabilities were $46.6 million, down from $48.3 previously.
* Total net position was $155.9 million, up from $143.8 the year before.
* Total revenue was $66.4 million, up from $64.8 the year before.
* Total local taxes were $14.8 million, up from $13.6.
* Sales tax revenue was $8.1 million.
* Property tax revenue was $5.2 million.
* Lodging tax revenue $763K.
* Total expenses were $56.9 million, up from $56.4.
* Long-term debt was $24.5 million.
* Pension liability was $12.3 million.
* Post employment benefits liability (health care) was $4.3 million.
* The city had 294 full-time employees, up from 288 the year before.
* School enrollment was 5,416, up from 5,333.
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| Net position |
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| organizational chart |
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