Outstanding Audit Report for 2019

Outstanding Audit Report for 2019
Posted on 01/09/2020
Outstanding Audit Report for 2019At the December 2019 City Council meeting, auditors with Henderson, Hutchinson & McCullough gave the City an outstanding audit report for 2019 fiscal year. Partner and principle auditor Jason Martin stated that “Columbia stands apart among its peers as a City that is well run financially, demonstrating the highest quality financial reporting that the City Council receives from Management. The City Council should be commended for their attention to the City’s budget and finances throughout the fiscal year resulting in the FY 2019 strong audit and financials.” Martin went on to say that “citizens and officials should know that Management’s leadership and commitment to excellence and a highly qualified Finance Department ensure the City’s strong performance financially.”

The City prepared a Popular Annual Financial Report (PAFR) in addition to the comprehensive report. The PAFR provides officials, citizens and stakeholders with financial highlights in an easy to read format to supplement the Comprehensive Annual Financial Report (CAFR). A month earlier, staff presented the City’s first Popular Annual Financial Reporting Award from the Government Finance Officers Association for 2018 in addition to the City’s 21st consecutive award for the 2018 CAFR.
Some highlights from the FY 2019 PAFR are as follows:
Revenues for the General Fund, the City main operating fund, increased $1.4 million, the majority of revenues generated by taxes.
Property tax revenue increased 4.5%, totaling $12.2 million.
Local sales tax revenue increased 4.5%, totaling $10.3 million.
Investments increased 312.4% due to the City’s new investment program
Building permit revenue increased 12.6%.
The government retired $5.5 million in debt during FY 2019.
 For more highlights of the City’s 2019 audit and financial condition, click this link: /UserFiles/Servers/Server_2587760/File/WhatsNew/2019_PAFR-Digital.pdf