Glasgow Daily Times, Glasgow, KY

Park City City Government

January 8, 2014

Accountant: Park City’s audit is OK

GLASGOW — The city of Park City has received a clean audit report, which commissioners reviewed Monday night with Sarah Decker of Gilbert and Gilbert, a Glasgow-based accounting firm.

Decker told commissioners that Park City’s statements accurately represent city government’s financial position according to generally accepted accounting principles.

“That is the best opinion a city can get,” she said. “It is saying that we believe, on the basis of our audit, that there was nothing in there that is materially misstated in the numbers.”

The audit showed the city has $1,245,387 in total assets.

“That does not include your capital assets net of accumulated depreciation and your liabilities, which is your debt and your accounts payable, payroll taxes and all of that,” Decker said.

The audit also showed the city to have $117,809 in total current liabilities and $188,118 in long-term liabilities for a total of $305,927, creating a total net position for the city of $939,460.  

Of that $939,460, $641,276 is invested in capital assets net of the city’s debt and $81,440 is restricted money, leaving $216,744 in unrestricted monies or assets that can be used to pay current liabilities, she said.

In comparing the city’s budget to the actual general fund statement, Decker pointed out there were some negative numbers in the statement. She said this was misleading because only what the city spends for the fire department and the cemetery is included in the city’s budget, rather than entire budgets for both the fire department and the cemetery. The discrepancy makes the numbers in the city’s budget and the actual general fund statement appear to be a bit off.

“Another big thing was (not all of) the capital assets were budgeted. I think there was $10,000 in capital assets budgeted,” she said. “We understand why those differences were there and we looked at that and there was no concern about that.”

Two findings were mentioned in the audit, which Decker said are common in small city audits. One is the city’s inability to segregate bookkeeping duties, and the other is the absence of an accountant who can prepare an audit report. Both findings are due to the small size of the city and its inability to afford the additional personnel.

Decker added that there was a finding mentioned in the 2011-12 audit regarding the comparison of the city’s budget to the actual general fund on at least a quarterly basis.

“I spoke to (city clerk Peggy Christy) and she said you all are going in that direction now,” she said. “I went ahead and took that finding out … but you need to at least do that quarterly and compare the numbers to see where you are.”

Mayor David Lyons said he thinks the city is doing well financially.

“One of the situations that small communities get into, like us, is that our income does not always meet our needs so we have to save money over a period of six to seven years to do a project that needs to be done,” he said. “This year we have pretty much caught up with every project that had been ongoing. I think overall we are doing pretty good.”

Read more in the print or digital Glasgow Daily Times. http://glasgowdailytimes.cnhi.newsmemory.com/

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