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August 16, 2012

City Council puts audit questions to rest

By Lora Scripps lora@athensnews-courier.com

— The city of Athens released its audit at a special called meeting Wednesday.

The City Council unanimously approved its Fiscal 2011 audit report with a resolution, which is not required legally. However, Mayor Ronnie Marks said it was in the best interest of all involved considering the findings. 

The audit showed the city is in sound financial shape and that sales tax revenue is up 5 percent.

The city also used $1.9 million in cash to pay off a debt early.

The general fund had a note payable to First National Bank of $1,980,185 bearing interest at 5 percent per annum. The general fund also had a note receivable from the Industrial Development Board in the same amount secured by rent from Custom Polymers building.

The city decided to pay the note payable to First National Bank in full in November 2010, because funds in the bank were earning less than 1 percent interest and interest on the note was at 5 percent. The payment resulted in a timing difference to the city fund balance in September 2011.

According to the audit, the city saved $385,208 in interest by paying off the note early and received an estimated savings of $361,701.

The independent auditor’s report by Johnson, Feigley, Newton and Brand LLP read that based on the audit and the report of other auditors, the financial statements were presented fairly.

“Anything at City Hall, unless it is a employee disciplinary action or an industrial recruitment issue that we can’t address, is an open book,” Marks said. “Now, it is not an open book until this (audit) is in its final form.”

Jerry Hill, who is running for mayor in the Aug. 28 municipal elections, had requested a copy of the report at the last several meetings.

Marks and City Council members were pleased with the report. Marks pointed out that the city is in the black almost $1.2 million dollars which will be split with the school system.

“When you have a city that has a gas department with an A-plus bond rating, a general fund with a AA rating and some other things, there is absolutely nothing in here (audit) other than glowing reports,” Marks said.

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