(GDN) — The City of Goldsboro is waiting on another financial audit.
Monday evening, the Goldsboro City Council heard an initial presentation on the 2019-2020 Fiscal Year Audit from John Frank of accounting firm Dixon, Hughes, Goodman, LLP.
Frank says the General Fund’s available Fund balance was down this year, but still came in around 8-9%, which is still above the Local Government Commission’s recommended minimum fund balance percentage.
Revenues were up in the Utility Fund and the total Fund Balance was up on $1 million.
When asked why the city audits continue to be delayed, Frank says the city continues to deal with staffing issues and getting the records up to date.
He praised the city’s finance officer’s efforts to get the fiscal numbers and information current.
Frank says the plan is to deliver the latest completed audit shortly after the holidays.
A delayed audit for FY 2018-2019 had resulted in Goldsboro losing its bond rating, which had harmed the city’s ability to borrow money.