At the city council meeting on November 18, Dianna Cannell of the CPA firm of Peterson, Allred and Jackson CPA’s presented the annual audit of Wellsville City for the year ending June 30, 2009. Ms. Cannell informed the council that she was very pleased with the audit and that Wellsville City has faired very well, especially considering the state of the economy. She stated that Wellsville did not exceed its budget for the year and that there were no findings from the audit. She also stated that the city has kept very detailed records and has wonderful supporting documentation. Mayor Maughan expressed her thanks and appreciation to Don Hartle, Leesa Cooper, and the other city employees who assisted with the audit.
Financial highlights for the year included:
–Total net assets of the city increased approximately 3% to $11,068,200.
–The total net assets of $11,068,200 is made up of $8,553,322 in capital assets net of related debt and $2,514,878 in other net assets.
–Total long-term liabilities of the City were reduced by $122,000 of principal payments.
–Business-type activites total net assists increased $14,573.
A complete copy of the Financial Audit can be reviewed at the City Offices during normal business hours.