The city of Jackson received its latest audit last month — for the year 2018 — and was praised for the way it is handling its finances.
The audit reviewed the fiscal year that ended Dec. 31, 2018. The report, prepared by McNair, McLemore, Middlebrooks and Co. LLC, an accounting firm based in Macon, showed the city’s finances are in good standing at all levels, city officials said.
“At the end of FY2018, 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 fiscal accomplishments.
♦ The city’s largest assets consist of cash and certificates of deposit with a combined total approximating $15.6 million.
♦ The city’s total net position (assets less liabilities) was approximately $28.4 million.
♦ On a city-wide basis, total revenues exceeded total expenses by $2.24 million for 2018.
♦ Total revenues of the general fund exceeded budgeted amounts by $284,701 while total expenditures of the general fund were less than budgeted amounts by $250,326.
♦ The city’s pension plan continues to be well funded at a ratio of 90.3%.
The audit report contained no management comments or recommendations for changes.
While presenting the report, 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 road departments.
“The city of Jackson is in good financial condition,” Mayor Kay Pippin said. “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,” Pippin added. “The city of Jackson’s commitment to full financial accountability continues to be evident.”