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A “CLEAN” audit is reported to the Board of Aldermen

 Raytown, MO? On June 3, 2014, the Raytown Board of Aldermen in a study session received an audit report for the city from the independent firm of Cochran, Head & Vick, PC. The city participates annually in an audit from an outside agency in accordance with best practices.

“We are really pleased that the audit demonstrates the city’s use of best practices.”  said Mahesh Sharma, City Administrator. “Even our sewer revenue was up and we haven’t raised rates in three years. This indicates that the city’s staff has improved efficiencies within the department. We found that the majority of our departments throughout the City have implemented efficiencies that have resulted in savings.”

Below is a Q&A regarding the audit:

  1. What is the function of an audit?

The finance department has oversight of the City’s finances. An outside audit lets a qualified firm review the financial statements and activities to ensure that we are in compliance with best practices generally accepted in the United States applicable to local governments (GAAP).

  1. What does the audit cover?

The city’s basic financial statements include both government-wide (reporting the city as a whole) and fund financial statements (reporting the city’s major funds).

  1. Is an audit required?

Yes annually in accordance with Government Auditing standards.

  1. What did the audit tell us?

The auditors indicated that all significant transactions have been recognized in our statements in the proper period. And, that the city was in compliance with all updated accounting standards put in place in 2013.

They verified that all estimates used by our staff were reasonable. They also indicated that our financial statement disclosures were neutral, consistent and clear. The auditors indicated that they encountered no difficulties in performing the audit. All identified problems were corrected immediately by the City staff. They also indicated that there were no disagreements with management on the audit.

At the end of the current fiscal year, the City is reporting positive balances. The City is experiencing an increase in sales and property tax collections even though surrounding communities continue to struggle. Our assets are larger than our liabilities.

  1. Why did we get recommendations?

The auditors gave us a “clean” audit which indicates we are in compliance and in order. But they also gave us suggestions that may help us improve. It is like having a furnace in your home. You have it inspected and they tell you have done everything to keep it in good working order and it will heat your home really well.  But, they also give you suggestions on how you can improve it in the future. You may or may not choose to do the recommendations for any number of reasons – e.g. time, money. Or like the City, you might develop an action plan that would eventually incorporate those improvements in the future as time and revenue become available.

  1. Can I have a copy of the audit?

Absolutely. The audit can be found on the city’s Website at http://bit.ly/1kCQE8X

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