The Washington City Council last week was presented with a clean independent audit for the last fiscal year.
The financial report for the 2016-17 fiscal year was conducted by Hochschild, Bloom & Co. LLP. It was presented to the council Monday, May 21, by Tammy Alsop, a company partner.
The city’s fiscal year beings Oct. 1 and ends Sept. 30.
Included in the report was an introductory section, independent auditor’s report, management’s discussion and analysis and basic financial statements, fund statements, governmental funds, statement of net position-proprietary funds, statement of revenues, expenses, and change in net position-proprietary funds, statement of cash flows proprietary funds, notes to financial statements, LAGERS footnote, and required supplemental information.
Thios year, there was not a second report summarizing federal awards the city received because the city did not meet the monetary threshold that would require the additional audit, according to Alsop.
The audit also highlighted the city’s sales tax collection from the 2016-17 fiscal year.
In the last fiscal year, the city collected $4,333,183 in sales tax for the general fund; a capital improvement sales tax totaling $2,166,593; and a transportation sales tax totaling $2,166,550.
That is decrease compared to the previous year when the city collected $4,630,528 in sales tax for the general fund; a capital improvement sales tax totaling $2,047,398; and a transportation sales tax totaling $2,047,560.