For Immediate Release
City Council receives independent audit report
The Springfield City Council received an "unmodified" opinion on the City's financial statement audit today from the City's independent auditing firm, meaning there were no qualifications or reservations expressed about the City's financial reporting processes. That is the highest level of opinion given.
There was a positive change in net position in fiscal year 2013. The total assets of the City less the liabilities are $892 million – an increase of $33 million.
The fund balance of the General Fund increase is $22 million – an increase of $2 million.
"What this tells you is that you are living within your means, not spending more than what you have coming in, explained Rachel Dwiggins, partner with BKD, the City's external auditing firm.
The City expended $21.4 million dollars in grant funds in 2013. Auditors tested compliance for selected programs.
For one grant, they made suggestions for additional level of review of grant reporting and drawdown of grant funds.
"What they require is once you draw down federal funds, you need to spend them in 30 days. In this case, a portion of the funds wasn't spent within 30 days," said Kim Hamm, partner with BKD.
There were no questioned costs reported as a result of the testing of federal funds.
"The audit went very well, during a challenging year. They (the City) went through a system re-implementation for the general ledger system – essentially running two systems throughout the year. Even with that, the finance team was extremely responsive to us and helpful," said Dwiggins.
BKD, a national CPA and advisory firm, conducted the annual financial audit, which is required under the City Charter. The full copy of the audit report will be available later today on the homepage of the City's website at www.springfieldmo.gov.
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 the 36th year in a row.
For more information, contact Finance Director Mary Mannix Decker at 417-864-1625.