“Our audit for the fiscal year 2012 was conducted in accordance with auditing standards generallly accepted in the United States,” said Christian Hatch, an accountant with Williamson & Co. C.P.A.s. “For the year ending Dec. 31, 2012, the city receives an unqualified audit opinion also known as a ‘clean opinion.’”
Hatch said the city’s net assets totaled $24,800,164, a $1.3 million increase over the past year.
“A city’s net assets is derived by listing everything the city owns — such as infrastructure, cash, water plants, gas and water lines, land, vehicles — and subtracting all debts,” he said. “The increase was evenly distributed between governmental and business activities and resulted from debt reduction and less than budgeted spending.”
He also said that the city’s total tax revenues increased by $24,375 to a total of $2.6 million.
“All major tax categories increased in 2012 with the exception of SPLOST and franchise taxes,” Hatch said. “Governmental funds, including CD’s and money market accounts, increased by $1,148,847 for a total of $5,091,879.”
Hatch reported that the general fund, the city’s main operating fund, increased by $204,811 to $2,885,005.
Hatch said there were two audit findings that addressed Adairsville’s noncompliance with state requirements for finance reports.
“Item one addresses the city being unable to complete the fiscal 2012 audit within the extended deadline of Dec. 31, 2013,” he said. “Item two addresses budget overages by the streets and roads department. We feel both these findings can be corrected and eliminated in the 2013 budget.”
The council voted unanimously to approve the budget.
In other business, the council:
• approved an $8,605 contract with Municode to codify the city’s ordinance codes making them available via the Internet to any citizen.
• approved the appointment of Christian Coomer to municipal court judge.
• approved change orders with Hogan Construction Group crediting the city more than $25,000 for work not required in the rebuilding of Adairsville City Hall.
• authorized City Manager Pam Madison to contract a qualified architectural firm to complete the facade renderings at city hall.
• approved an agreement with AMEC Environmental and Infrastructure of Norcross to provide natural gas consulting and engineering services.
• approved a request for proposal for solid waste collection services.
The Adairsville City Council will hold a work session on Tuesday, April 8, at 7 p.m. at the Adairsville Depot.