Inverness City Government’s annual audit gives the city high financial marks | Local News
Amid troubling economic times as inflation, food and petrol prices relentlessly rise, the city of Inverness has received some good financial news from listeners reporting that the city is economically well anchored.
Michelle Sorbello, an accountant at Orlando-based McDermit Davis Accountants and Consultants, told Inverness Council at its regular meeting on Tuesday that the city was in “good financial health”.
The report was part of the city’s annual audit, a copy of which will be sent to state officials.
“The city received an audit notice, which has not been altered, which is the best kind of notice a city would want to receive during an audit,” Sorbello told council members.
One of the examples she cited reflecting the sound finances of the city was the growth of Inverness’ general fund.
Sorbello told council that the city’s general fund increased by $2.6 million from last year, for a total of $11.7 million. Of that $11.7 million, Sorbello pointed out that $8.8 million was unrestricted and could be spent at the board’s discretion.
Sorbello said standard industry practice is to have enough funds in the general fund for two months of emergency operation. Sorbello said the city had enough for a year of operation.
“It’s a great financial position for the city,” Sorbello said.
Another example is the city’s water and sewer fund which is up $612,000 from last year and the city’s debt which is down $613,000, she said. .
City Manager Eric Williams said of the city’s finances it’s ‘a long road to get here’
He also praised city council members for adopting his “plan, finance, execute” strategy with the city’s growth and being careful with the local government budget.
Councilwoman Jacquie Hepfer thanked city staff for their work.
“That’s what we’re looking for,” Hepfer said of the audit, “and thanks to you, Eric and Richard (Richard LaCondre, City Finance Director), and the rest of the staff who made this possible.”
Councilor David Ryan said it was good to hear from the listeners.
“It’s good to see that we were fiscally responsible and we’re recognized for being fiscally responsible,” Ryan said.
Council Chairman Cabot McBride said the audit should reassure townspeople.
“I think, especially in these times, people in our community need to know that our city is built on solid rock,” he said. “We are currently in an excellent position. If storms come and hit, we can buffer those storms. »