For Immediate Release
City Council Receives Independent Audit Report
The Springfield City Council received an “unqualified” financial audit today from the City’s independent auditing firm, meaning there were no qualifications or reservations expressed about the City’s financial reporting processes.
The international professional services firm of KPMG conducted the annual financial audit, which is required under the City Charter.
The full copy of the audit report is available on the City Web site at: www.springfieldmo.gov/budget/pdfs/2009CAFR.pdf
The overview provided by KPMG includes the following points as Financial Highlights of the audit:
- The City’s net assets as of June 30, 2009 were $724 million; of that $482 million represents net investment in capital assets. Capital assets include land, buildings, construction in progress, improvements, machinery and equipment and infrastructure/sewer collection system.
- The City’s total net assets increased $22.7 million for the FY09 fiscal year.
- The City’s total debt decreased approximately $17 million during the FY09 fiscal year to $392 million in outstanding long-term debt. The city issued about $12 million in bonds during FY09, which was offset by payments of previous debt.
“You’re facing a number of challenges, as are other cities, and you’re handling them well,” KPMG Auditor Michelle Stromp told the City Council at its weekly lunch meeting today.
The City Finance Department has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers’ Association for 32 years.
For more information, contact: Finance Director Mary Mannix Decker, 864-1625.