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The recently completed audit of the City of Taylor’s finances by Plante Moran reaffirmed many highlights, including the fact that the City invested over $21M in infrastructure, machinery and equipment during fiscal 2018-19, which ended June 30.
Plante Moran audits the City on an annual basis. It’s team usually spends several months onsite analyzing the government finances and internal operations. This year’s audit offers and “unmodified opinion” or the highest form of assurance in its results.
Improvements in infrastructure have been at the top of Mayor Rick Sollars achievements over the past several years. Mayor Sollars created the Good to Great Neighborhood Program two years ago, an effort that focuses City departments on a single area simultaneously. It covers anything from concrete and asphalt improvements to fire hydrants, sewer lines, trees, ordinances and even public safety, with the police holding meetings with residents to discuss their concerns in a relaxed setting.
In addition, the City has invested heavily in improving every government-owned facility, from Heritage Park to the new Fletcher Discovery Trail, Sportsplex, golf courses and recreation center. The recreation center added a new high-tech spinning center; the vacant old courthouse building on the City Hall campus is being completely renovated into a new Media Center; and a new Parks & Recreation Maintenance Building is being created just north of the Petting Farm in Heritage Park.
But capital investments and improvements weren’t the only highlight of the audit. The City added another $379,000 to its unassigned fund balance, commonly known as a “rainy day fund. The unassigned account totaled $8.2M as of June 30, which translates to 20 percent of annual expenditures and represents funding for approximately 75 days of operations. Financial experts recommend an unassigned fund balance of between 15 and 30 percent annually. Before Mayor Sollars took office in late 2013, the City was in a $5M structural deficit.
In other audit notes:
The entire audit report will be published soon on the Community Financial & Performance Dashboard of the City of Taylor website.