City receives a ‘clean’ audit again for FY 2018

City receives a ‘clean’ audit again for FY 2018
Posted on 12/21/2018
City presented with finance award

For the first time in its history, the City of Columbia is issuing a Popular Annual Financial Report (PAFR) as an easier way for citizens and community stakeholders to review and understand some of the basic information of Columbia’s finances and local government. The report is available to the community both online and via hard copy.

 

“As part of our City’s ongoing efforts to improve communications with the community, we wanted to create a more reader-friendly version of the City’s financial and government information that will hopefully become a useful source of information for our community,” says City of Columbia CFO/Assistant City Manager Thad Jablonski. “We tried to create a PAFR that is interesting and will help people learn a little more about Columbia, where the City’s money comes from and how funds are spent.”

 

City auditors presented their findings to the City Council at the December 6th study session. The City received a clean audit with no findings. All City departments demonstrated restraint in the expenditure of budgeted funds, which contributed to the City’s Fund Balance, or reserves, reaching nearly $40 million. Highlights from the yearly audit included $2.3 million increase in reserves in the City’s General Fund (the City’s chief operating fund), continued property and sales tax growth and the City’s maintaining a AA+ credit rating.

 

Mayor Dean Dickey stated, “we are pleased to receive a clean audit report again this year. Management continues to demonstrate its commitment to this Council and Columbia citizens in providing the highest quality financial reporting.”  Dickey continued that “the Finance Department has also gone the extra mile to improve transparency and accessibility for our citizens to review the city’s financial information in developing the new Popular Annual Financial Report.”

 

The City also publishes a Comprehensive Annual Financial Report (CAFR) which provides financial information in much greater detail. Both reports are presented using generally accepted accounting principles, the standard format for government accounting. The PAFR is intended to complement the CAFR, not to be a substitute for it.

 

Both reports can be found online at the City of Columbia’s website here. Free hard copies of the new PAFR are also available to the public at Columbia City Hall. For more intonation, contact the Columbia Finance Department at (931) 922-8514.

 

To view the reports, click on 2018 PAFR and 2018 CAFR