2008 News Archive
City's finances sound according to first-ever audit
12/22/2008
A representative of the Mauldin & Jenkins accounting firm presented the City's first-ever audited financial report to the Mayor and Council at the Dec. 15 work session.
The report was given a clean opinion by the auditors for the 10-month period from the City's incorporation on December 1, 2006 through September 20, 2007. The General Fund ending balance was approximately $6.8 million.
While pleased with that balance, Finance Director Monte Vavra cautioned against reading too much into that total. Because incoming revenue fluctuates during different times of the year, the fund balance then served to provide operating funds for part of 2007.
The audit also notes the City owns $112 million worth of infrastructure such as streets, bridges, sidewalks, parks and parkland, the vast majority of which was transferred from Fulton County as part of Johns Creek's incorporation. Estimating that infrastructure value delayed completion of the initial audit, Vavra said.
Auditors are about to begin work on the report for Fiscal Year 2008 and are expected to complete the task by the end of March, six months after the end of the City's fiscal year, which runs from Oct. 1 through Sept. 30.
Click here to view the financial report.