After months of delays, the City of Goldsboro received its much-anticipated audit.
John Frank from accounting firm Dixon, Hughes, Goodman, LLP presented the 2018-2019 Fiscal Year audit at Monday’s Goldsboro City Council meeting.
Bottom line — the net impact of all the adjustments has increased the city’s net position and Fund Balance.
However, Frank noted the city’s General Fund has been slowly trending down in recent years as expenditures increased.
The Local Government Commission recommends maintaining at least 8% of a year’s worth of expenditures in available Fund Balance, and Goldsboro’s was at about 10%.
Goldsboro Mayor Pro Tem David Ham says he was pleased to finally see the completed audit.
The delayed audit had resulted in Goldsboro losing its bond rating, therefore harming the city’s ability to borrow money.
There will be no downtime as the accounting firm must now begin work on the city’s latest audit for the 2019-2020 Fiscal Year.