Jackson city officials received the city’s FY20 comprehensive annual financial audit during its regular meeting on Tuesday, July 20th, and received praise for the way in which it is handling its finances.
The audit reviewed the fiscal year that ended December 31, 2020. The report, prepared by McNair, McLemore, Middlebrooks & Co, LLC, an independent accounting firm, revealed the city’s finances are in good standing at all levels.
“At the end of FY20, the city is able to report positive balances in all categories, both the government as a whole as well as for its separate governmental and business-type activities,” the audit report states.
The report summarized some of the City’s most impressive fiscal accomplishments.
The City’s largest assets consist of cash and certificates of deposit with a combined total approximating $19.5 million.
The City’s total net position (assets less liabilities) approximated $32.3 million.
On a city-wide basis, total revenues exceeded total expenses by $1,765,087 for 2020.
Total revenues of the General Fund exceeded budgeted amounts by $405,537 while total expenditures of the General Fund were less than budgeted amounts by $326,414.
The City’s pension plan continues to be well funded at a ratio of 74.37 percent.
The audit report contained no management comments or recommendations for changes.
While presenting the report, the auditors praised the city’s success in holding expenses within budgeted ranges and projected revenues. The auditors lauded the city’s good management of funds while maintaining no debt, assessing no property taxes, and assuring appropriate levels of funding for major programs like the city’s water, sewer, electric and roads/streets infrastructures.
“The City of Jackson is in good financial condition,” stated Mayor Kay Pippin, “we budget our revenues low and make our expenses realistic and justified; and our City Council and employees work hard every day to assure strong management of the city’s resources while maintaining a civic infrastructure that enables the daily lives of our citizens, businesses and visitors.”
“Citizens expect accurate financial accounting from their local governments,” continued Pippin. “the City of Jackson’s commitment to full financial accountability continues to be evident.”