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March 26, 2013

Council to receive financial report

GREENVILLE — The Greenville City Council is scheduled today to receive the results of the city’s annual financial report.

The Weaver and Tidwell firm completed the report, which generally gave the city a clean bill of health, but also included a couple of items of concern.

The 2011-2012 Comprehensive Annual Financial Report is to be presented during the Council’s work session, starting at 5 p.m. in the Municipal Building, 2821 Washington Street.

The regular agenda is scheduled to begin at 6 p.m. today.

According to a summary of the report, the city identified approximately $330,000 of project costs that were previously capitalized as part of construction-in-progress in the water and sewer fund, but which were later determined to not meet the city’s capitalization threshold and subsequently expensed.

The report recommended the city improve the timeliness of its evaluation of potential capital assets, prior to the costs being capitalized and being entered into the city’s capital asset tracking system.

One year ago, the company recommended 4A-EDC begin utilizing two funds for recording its transactions: one for the fund level (modified accrual basis) accounts and a separate one for the government-wide (full accrual) level.

The summary of this year’s financial report said the item has yet to be resolved.

The report also involved the City of Greenville’s compliance with requirements that could have a direct and material effect on each of its major federal programs for the year ended September 30, 2012.

“In our opinion, the City complied, in all material respects, with the compliance requirements,” according to the report.

 

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