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FOR IMMEDIATE RELEASE
The Springfield City Council received an “unmodified” (the highest level given) opinion on the City’s financial statement audit today from the City’s independent auditing firm, BKD.
There was a positive change in net position in fiscal year 2014. The total assets of the City less the liabilities are $923 million – an increase of $35 million.
The primary factors contributing to the increase are a growth in additional capital assets of $5 million and an increase in the pension asset of $16 million. Capital assets include streets, sewers and other infrastructure.
The fund balance of the General Fund is $25 million – an increase of $3 million. Some of these funds are restricted; the remaining constitutes the City’s “rainy day” fund. This is within the Council-established reserve goal of 20 percent of FY15 budget.
“What this tells you is that you are prudently managing your finances, not spending more than what you have coming in,” explained Rachel Dwiggins, BKD partner.
The City expended $17.4 million in grant funds in 2014. Auditors tested compliance for selected programs.
“The audit went extremely well this year. The finance team was extremely responsive to us and helpful,” Dwiggins said. “The findings – including those related to federal grant documentation – from the 2013 audit have been resolved,” she added.
There were no findings reported as a result of the testing of federal funds.
"Considering the wide variety of federal programs in which the City participates, this is quite an accomplishment," said Kim Hamm, partner with BKD.
The audit is required under the City Charter. A full copy of the report is available at the link below.
Auditors also recognized the city Finance Department for receiving the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers’ Association for its Comprehensive Annual Financial Report for the 37th year in a row.
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For more information, contact: Cora Scott, Director of Public Information & Civic Engagement, 417-864-1009 (office) | 417-380-3352 (cell), firstname.lastname@example.org.