Stacy’s financial status in good shape

Auditor for the city of Stacy, Dennis Oberloh, delivered a clean opinion of the city’s books June 12. Assets and liabilities were in balance, funds were sufficient and the accounting was clean and transparent.

Total assets of $3,388,813 for 2011 were lower than in 2010 when assets reported at $3,620,607. Liabilities of $1,925,219 were also lower than 2010’s reported $1,981,682.

The city has complied with all applicable laws except for internal controls.

“Internal control findings are the same internal control findings we have found the last three years back,” Oberloh said. There simply is not enough city staff to adequately segregate duties.

Oberloh was minimally concerned that the city was $206,000 short on bank security accounts at the end of the year. “There was not sufficient collateral at the end of the year.” City Clerk Sharon Payne responded, “basically we didn’t check to make sure there was enough security at the end of the year for the bank to cover bills.”

“Are we in good shape?” Councilor Chuck Lucia asked.

Oberloh said yes and Lucia said, “Good, that’s all I care about.”

The entire audit report is a public document and can be reviewed by contacting city hall.

Stacy was contacted by Lent Township regarding an audit of the joint powers agreement. Under the terms of that agreement, both city and township must be audited. This is separate from the general audit. The mayor authorized Lent act on the city’s behalf as the auditor hired by Lent Township for their general audit had already done the research on Stacy.  The council estimated this would be less costly than contracting with Oberloh for an entirely new audit.

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