The month of December has included a number of recognitions to Columbia’s finance division, and a current audit displays the monetary stability proven by all metropolis departments.
Metropolis of Columbia workers not too long ago introduced it was the recipient of a clear audit, with no findings or irregularities for the fiscal 12 months ending June 30, 2020.
The town’s audit was performed by Henderson, Hutchinson & McCullough (HHM), who offered the ultimate report earlier this month to the Columbia Metropolis Council. The report confirmed all metropolis departments demonstrated restraint in spending budgeted funds, and represented “sound monetary administration by metropolis administration and an efficient finance group.”
“I’m happy to be taught of town’s current audit report which resulted in no findings and a clear total report,” Mayor Chaz Molder stated in a press launch. “This can be a testomony to monetary stability and accountability employed in any respect ranges of metropolis authorities, and positively a testomony to the monetary professionals inside metropolis authorities who work diligently day in and time out to make sure the wisest, most prudent administration and oversight of tax payer’s {dollars}.”
Regardless of a lot of 2020 and the COVID-19 pandemic placing a pressure on many companies and metropolis budgets, Columbia managed to not solely keep a balanced funds, but in addition enhance its whole governmental revenues by 12.1%, or $4.7 million.
Different highlights from the 2020 audit included a rise in taxes within the Basic Fund by $1.Three million, a 5% property tax income that elevated by 2.8%, totaling $12.Three million, and an area gross sales tax income that elevated 8.4%, totaling $10.Three million.
The town’s funding program additionally elevated by 317%, incomes taxpayers a further $406,342 in funding income. The town’s constructing allow income elevated 40.3% in comparison with 2019; and town retired $4.Eight million (10.1%) in debt in 2020, whereas sustaining an AA+ bond ranking from S&P reaffirmed Dec. 3, 2020.
“The Metropolis of Columbia’s 2020 audit resulted in a clear opinion with no materials adjustment, vital deficiencies or materials weaknesses,” HHM auditor Jason Martin stated. “This means that town administration’s dedication to high quality monetary reporting and the council’s stewardship over public funds.”
State regulation requires cities to organize audited monetary statements annually.
Along with the clear audit, Columbia has additionally been awarded the Excellence in Monetary Reporting Award from the nationwide Authorities Monetary Officers Affiliation (GFOA) for the final 21 years. That is additionally the second consecutive 12 months Columbia was awarded the GFOA’s Excellent Achievement in Widespread Annual Monetary Reporting Award.
For extra highlights from this 12 months’s audit, in addition to Columbia’s newest monetary studies, go to the Division of Finance & Administration web page through town’s web site at https://ift.tt/3msdVNE or name (931) 560-1580.
— to www.columbiadailyherald.com
The post Columbia receives clean audit report for 2020 appeared first on Correct Success.
source https://correctsuccess.com/financial-management/columbia-receives-clean-audit-report-for-2020/
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