City of Sumter received a positive opinion in its audit report for fiscal year 2016-17, according to an independent auditor's report from Sheheen, Hancock & Godwin LLP.
The report states the city's financial statements for its $62.58 million …
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The report states the city's financial statements for its $62.58 million 2016-17 budget fairly present the respective financial position of governmental activities for the fiscal year that ended on June 31, 2017.
Highlights from the audit report
- The city's assets exceeded its liabilities by nearly $116 million;
- The city's total net position - a combined value of assets and deductions - increased by $4.2 million, to a total of $115.8 million, as a result of a $4.8 million increase in government activities and an approximate $660,000 decrease in business-type activities;
- The ending balance for governmental funds was reported to be $27.3 million, a $3.9 million increase compared to the previous fiscal year; and
- About $15.3 million in unassigned funds from the city's general fund, approximately 35 percent, is available for spending at the city's discretion.
Sumter's total outstanding long-term debt increased by $2.3 million during the past fiscal year;
Expenses for governmental activities increased by $3.8 million; and
Revenues were $7.3 million greater, about 22 percent, than the city's approved 2017 budget, and expenditures were $2.4 million more than originally budgeted.
By the numbers, net position compared to fiscal year 2016
- $542,987 increase in revenue for charges for services;
- $212,891 decrease in property tax revenue;
- $3,704,072 decrease in local option tax revenue;
- $88,291 increase in revenues from business and franchise fees;
- $463,101 increase in general government expenditures;
- $2,381,667 increase in public safety expenditures;
- $94,012 increase in public works expenditures;
- $238,589 increase in parks, recreation and culture expenditures; and
- $170,637 increase in community development expenditures.
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