Fiscally Sound

on May 15, 2019

valley city hall

GOOD MONEY: The city of Valley learned that its 2018 audit returned in good shape and received the best status it can from an auditor.


City of Valley learns of clean audit

VALLEY — The Valley City Council held a work session Thursday evening to review financial data for the first six months of fiscal year 2019. John Boles, an accountant from Himmelwright, Huguley & Boles LLC of Auburn, was there to discuss the city’s latest audit.

He gave Mayor Leonard Riley and each member of the council a copy of the audit and commended City Clerk/Treasurer Kathy Snowden for her work in the way of record keeping.

“This is the best audit the city has ever had,” Boles said. “We’ve given it an unmodified opinion, which is the best opinion that can be given, and it hasn’t always been that way.”

Boles commended the city for taking take of its obligations through cash flow and not relying on excessive borrowing.

“That’s pretty impressive,” he said. “Not many cities can do that. You are reinvesting in the city, and you have it in savings.”

A potential problem for the future could be the growing number of retirements. Retiring city employees are paid out of the Retirement System of Alabama (RSA). At present, the city has 24 retirees with more on the way. “We won’t have to worry about that unless the stock market goes way down,” Riley said.

Boles noted that the city has some debt, but not much compared to other cities. “You have only three bonds outstanding,” he said.

“Our debt is not bad at all,” Riley said. “We won’t have any problems borrowing money, but we don’t want to do that unless we have to.”

Boles said that cities both large and small should protect themselves from possible cyber attacks by carrying insurance that covers it. He said that cyber criminals aren’t just after the big cities; they go after the smaller ones, too.

 

Article by Wayne Clark  |  Published 6:02 pm Friday, April 26, 2019 | The Times-News

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