The city received a clean report Monday night from its auditors.
Freddie Polson with Taylor, Polson and Co., a certified public accounting firm, presented the audit report to members of the Edmonton City Council on Monday night.
“I’m pleased with the audit,” Councilman Billy Jeffries said. “I thought it was a good audit and it seems like we are doing OK.”
Polson told council members his firm gave the city a clean auditor’s opinion and that there were no major findings or misstatements to report to the council.
“I’m pleased with that,” said Mayor Howard Garrett.
In reviewing the audit report with council members, Polson pointed out the city’s assets exceeded its liabilities by almost $13 million at the end of the 2011-12 fiscal year.
“The net assets of about $9.4 million have been invested in property and equipment in net appreciation. Net assets [are] restricted to certain projects, [and are] mostly set aside to make bond payments of about $1.3 million,” he said.
Unrestricted net assets were a little over $2.1 million.
For the full story, see the print or e-edition of Thursday's Glasgow Daily Times.