By: Benjamin J. Gohs, News Editor
The results of the 2012 audit of Boyne City government’s finances are in and no significant deficiencies in the city’s internal controls over its financial reporting were found.
All funds and departments were included in the audit except for the Boyne City Housing Commission—the housing commission’s financial statements were audited by other auditors.
The audit included examining evidence supporting the amounts and disclosures in the financial statements, in addition to assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
“In our opinion … the year then ended in conformity with accounting principles generally accepted in the United States of America,” stated the firm of Anderson, Tackman & Company, Certified Public Accountants. “In our opinion, the information is fairly stated in all material respects in relation to the financial statements taken as a whole.”
The only aspect found in noncompliance with state statutes was the timely distribution of tax revenues to respective agencies.
The auditor found that current tax collections were not remitted in a timely manner to other taxing units. But, the city has implemented controls to reduce the risk of this in the future.
“To ensure the timeliness of tax disbursements, disbursements should be made within 10 business days in accordance with department of treasury regulations,” the audit stated.
Issues noted but that were already corrected include:
Some employees without authorized pay rates; stale checks which needed to be voided and reissued; and several incorrectly coded balance and income statement sheets.
• The City’s total debt not including the component units’ activities decreased by $465,000 during the current fiscal year. No significant new debt was issued this year.
At the end of the current fiscal year, the City is able to report positive balances in all three categories of net assets.