Price City has been given an “unqualified” opinion on it’s financial operations.
In simple terms, the city is in compliance with all state accounting requirements for fiscal year 2017, which ended in June 2017, according to an audit report city councilors received last week.
Greg Marsing, with accounting firm Smuin, Rich & Marsing, presented the audit to the city council, saying the city has complied with all fiduciary principles and obligations as outlined by the State of Utah.
Marsing said the financial position of the city is, ”As good as it can be,” given the area’s economic climate.
The entire audit can be seen online at the Utah State Auditor’s Office website.
The audit is a 90-page, densely complex document. Some things, said Marsing, need to be explained.
The balance sheet is, “A snapshot at a point in time.”
The point in time for this audit was June 30, 2017.
It takes months to accumulate and process all the requirements of the state.
One snapshot referred to in the audit was that city revenues were down nearly $500,000.
Part of that, explained Marsing, is due to lower sales and franchise taxes, related to the slumping economy.
Revenues come from property taxes, general sales and use taxes, franchise tax receipts, transient room taxes, a municipal energy tax, a highway tax and ZAP tax. Revenues also come from license and permit fees, intergovernmental receipts, charges for services, fines, forfeitures, investment earnings, contributions, and miscellaneous receipts.
Expenditures include general government, public safety, highways and public improvements, parks/cemetery/library, economic development, intergovernmental expenditures, and debt service.
City power is a separate budget item. Money from the power budget is transferred to the general budget every year to help balance the city’s overall finances.
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