By Tim Schmidt Record Managing Editor Wright City received strong marks in its audit, though a few recommendations were made to strengthen internal controls. The audit covered the 2013 fiscal year that ended Dec. 31, 2013. It was performed by Hochschild, Bloom and Company, LLP, of Washington. Tammy Alsop presented the findings during last Thursday’s board of aldermen meeting. The firm said all of the city’s financial statements were presented fairly. Karen Girondo, Wright City treasurer/economic development director, was pleased with the outcome of the audit. “It came back clean as a whistle,” she told The Record. It’s the highest opinion they can give you on an audit.” Financial highlights in the audit noted that the assets of the city exceeded its liabilities for the most recent fiscal year by $12,146,384. Of that amount, $1,781,052 represents unrestricted net position, may be used to meet the city’s ongoing obligations to citizens and creditors. The city’s total net position increased by $1,111,940, and the ending fund balances for the city’s governmental funds was $1,314,811, an increase of $48,954 in comparison to the previous year. One of the audit’s recommendations centered on fuel purchases for city vehicles. Auditors noted that the city did not have a policy in place and that fuel logs are not attached or completed when monthly statements are turned in. In addition, the odometer readings on fuel logs are not being reviewed and compared with the amount of fuel that is purchased. In response, city officials have started drafting a formal policy that will be reviewed and adopted at a future meeting. The policy will include procedures on how fuel logs should be submitted, as well as making sure odometer readings are reviewed. Auditors also reviewed employee reimbursements and found that out of 10, three were not approved by the employee’s immediate supervisor. City officials said they will make sure all reimbursements are signed moving forward. For the ones that failed to have final approval, officials believed the reimbursements were for department heads and should have had the mayor’s signature. Other areas in the audit that were identified for improvement focused on: • Reconciling the fines with the account receivables on a monthly basis in the court department; • Updating the accounting policies and procedures manual to include all referenced appendixes; and • Evaluating annual payments for anti-virus software. Girondo noted that the city’s responses to the audit have been forwarded and accepted at the state level.
Wright City
