Dec 19, 2012 - By Alejandra Silva, Staff WriterThe City of Riverton's audit report showed all financial statements to have complied with the U.S. Government Auditing Standards.
Dennis Tschacher of Mader Tschacher Peterson & Co. presented the city council an audit report confirming that nothing out of compliance was recorded.
"You're a strong organization," Tschacher told the city council during a work session Dec. 11.
"It's a very positive reflection, not only on the council but your staff."
He said the city collected about $600,000 more revenue than the previous year's reported net assets.
Net assets are the monetary difference between the city's assets and liabilities. The audit report said much of the increase came from "completed projects and miscellaneous improvements."
Tschacher thanked the staff for turning in the required documentation in a timely manner.
"We appreciate the full cooperation of your staff," Tschacher told the council members. "Your records are very easy to audit."
Mayor Ron Warpness thanked Tschacher for his positive remarks about the city staff.
"They work hard at making these kind of reports; it's really nice to hear that confirmed," Warpness said.
Tschacher added that the audit report was in compliance with state statutes as well and said "expenditures were properly documented."
He said the city was also in full compliance in regard to federal grants the city received.
He called the overall audit a "clean report," and it confirmed the city had net assets of more than $59 million.
The city's governmental funds also increased by about $245,000, an increase from last year's report, bringing the ending fund balance to roughly $18 million.
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