Shawnee City Commission: Annual audit, finance report highlighted
Shawnee Finance Director and City Treasurer Ashley Neel presented a financial report to Shawnee City Commissioners this week, talking about findings in the independent auditor’s reports for the Comprehensive Annual Financial Report and Single Audit.
“We did have unmodified opinions on both our financial statements and compliance with major Federal programs,” she said.
According to the report, a couple compliance matters were noted. First, General Fund expenditures exceeded budgeted appropriations in the general government and culture and recreation categories. The city's proposed remedy is consistent monitoring of departmental expenditures and passage of budget amendments as necessary.
The other issue related to negative balances: three funds, the General Fund, the Street and Alley Fund, and the Capital Improvement Fund, reported negative balances. The city's remedy to the issue lists consistent monitoring of expenditures and regular projection of expected revenues and expenditures.
According to Neel's report, the city's net position increased $5,686,854 from 2017-2018 to 2018-2019, a 7.6 percent increase year-over-year.
Some listed General Fund trends reported are:
• First time since 2016, revenue came in above budget
• First time since before 2015, expenditures came in under budget
• First time since before 2015, fund balance reported an increase