By Tia Lynn Lecorchick staff writer
The Madison City Council accepted the Fiscal Year (FY) 2013 audit on May 23 at a specially called meeting. The audit was prepared by Treadwell, Tamplin & Co. LLP and covered the time period between July 1, 2012 and June 30, 2013, finding “no discrepancies or problems with internal control and compliance.”
“Your staff is to be commended for that, it is an accomplishment,” said Carrie Wilkins, an auditor for Treadwell. “The management is doing a good job and all the employees we spoke to had good things to say, that there is a good open door policy here.”
The audit revealed that the city of Madison has $47 million in assets and $14 million in liabilities, leaving $33 million in net holdings. The city earned $10.3 million in income and spent $10.7 million in expenditures, accumulating a $400,000 loss. The fund balance, an accumulation of revenues minus expenditures, is holding steady at 16 percent with a total balance of $1.4 million. The auditors recommended never letting the fund balance drop below 15 percent.
Karen Guinn, a finance officer for the city, is confident in the city’s financial standing. “The city’s finances are stable,” said Guinn. “There are a couple of large projects budgeted for FY 2015. One is the Storm water project, which a grant has been awarded for the majority of this project. The second is the Phase III build out of the Wellington Building. SPLOST funds and General funds have been set aside to cover this cost,” explained Guinn.
Wilkins reviewed the results of the audit with the mayor and city council at a budget meeting on May 21.
“As we compare Madison to other Georgia cities, there are some things unique to Madison. Madison does not receive as much in governmental revenues as other Georgia cities of similar size,” said Wilkins, who also noted that Madison spends more money on community development than other cities of comparable size.
“But you can see consistency over the past three years in Madison,” said Wilkins.
City Manager David Nunn was pleased with the progress of the FY2013 audit.
“We just need to continue to be responsible and be open to making adjustments to our plans when necessary,” said Nunn.