Ashley Tierney of Beasley Mitchell & Company gave the straight scoop to City Council in her report on the audit, the second year the firm has looked at the city’s books.
The meeting was broadcast over radio station KCHS, Wednesday, April 15.
First Tierney went over the financial statements, which were encouraging. The City’s net position improved by over $400,000 from last year, ending with nearly $19.6-million assets over liabilities.
But Tierney noted most of the City’s assets are “fixed,” such as buildings, pipes in the ground and equipment, totaling $17.5 million.
Yet the City has “no process in place for movable objects being inventoried from one year to the next,” Tierney said. There were “discrepancies,” she said, therefore the auditing firm gave a “qualified opinion” on the audit, which means “We do hold some reservations on the fair presentation of the financial statements.” An “unmodified” opinion is better, she said.
“Working capital,” or current assets over current liabilities were “greatly improved,” Tierney said. The city had six times the assets over liabilities or over $2.4 million in current assets versus a little over $391,000 in current liabilities by June 30, 2019. The year before the city had only about three and a half times current assets over current liabilities.
Tierney said the City gets half of its revenue from service charges from the water and wastewater departments as well as from the Sierra del Rio Golf Course. About 14 percent of its revenue comes from capital and operating grants, while the remaining 36 percent comes from taxes and state-shared revenue.
Most of the City’s expense comes from Sierra del Rio Golf Course, which Tierney said is “typical” when newly taking over a business. The golf course lost about $377,000 in fiscal-year 2018-19, with the city subsidizing it by about $354,000.
Every one of the 11 audit findings were repeated and modified from fiscal-year 2017-18, Tierney said. The prior fiscal-year audit was turned in so late it almost ran into the 2018-19 audit, which was turned in on time, so the City didn’t have enough time to correct problems from the prior year.
Tierney said most of the findings have been resolved at this point, but her company was compelled to give them, following auditing standards.
The first audit finding has the very serious “material weakness” rating. It states the City has “no procedures in place to properly maintain a capital-asset listing.” A material weakness means the value of the assets cannot be verified and therefore some may be missing or over- or under-valued.
The second audit finding is still serious, but less so, rated “significant deficiency.” In 18 out of 25 checks examined, “purchase orders were missing or the purchase order was dated after the expense was incurred and the required authorization signatures were omitted.”
The third audit finding was also a significant deficiency. Three out of seven journal entries tested lacked proper approval.
The fourth audit finding was a significant deficiency. One out of five cash drawers in the test group was off by $4.
The fifth audit finding was a significant deficiency. Documentation matching a per diem payment of $5 couldn’t be found and one for $44 was paid without authorization.
The sixth audit finding was a significant deficiency. The general-ledger-cash figure didn’t match the Department of Finance and Administration’s cash figure at the end of the year. The general ledger stated cash was at $2.5 million compared to DFA’s $1.87 million.
The seventh audit finding was “other non-compliance.” The City broke the law in other words. It cannot expend money that exceeds the budget. It exceeded what was budgeted for Sierra del Rio by nearly $175,000, for general government by $246,000, for the fire department by over $12,000, for capital projects by over $217,000, for corrections by over $4,000, for the wastewater department by over $2,000. The total over-budget figure was about $660,000.
The eighth audit finding was a significant deficiency. Bank reconciliations were not done in a timely manner.
The ninth audit finding was the very serious material weakness. The City had no inventory procedures in place, such as for inventorying food items at Sierra del Rio.
The tenth audit finding was a significant deficiency. One out of six employee files had no pay-rate-change report. Six out of six employee files had no job description or annual evaluation.
The eleventh audit finding was a significant deficiency. The City had no procurement officer for 10 of the 12 months.
Tierney ended the report by stating the City should have written policies and procedures, which would aid them in doing things properly and consistently, noting the large turnover it suffered in the last two years. City Manager Vicki Ballinger agreed and said she has started the work.
Mayor Pro-Tem Kim Skinner asked that the board be kept informed on how written-policy work is proceeding.