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Neosho 'excellent' financial shape, says auditor - KOAM TV 7

Neosho 'excellent' financial shape, says auditor

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NEOSHO, MISSOURI -

The City of Neosho has increased cash reserves while decreasing debt, according to an independent audit report.

Results of the independent annual audit by Davis, Lynn & Moots, P.C. for fiscal year 2013-2014 were presented and publicly released at the Tuesday, March 17, 2015 Neosho City Council meeting.

Andy Marmouget, of Davis Lynn & Moots, noted that there were no non-compliance issues and that the city was in great financial shape.

“It is a very good audit report, and financially the city is doing excellent,” Marmouget said. 

Total assets in the general fund at the close of the fiscal year was $2.6 million, $1.9 million of which was unrestricted cash. Total liabilities were $323,488, down from $1.3 million in 2010.

Revenues exceeded expenditures by $1.4 million, and the city's total ending cash reserve was $2.3 million, enough to theoretically operate the city for 221 days with no incoming revenue. The city had increased the reserve by $64,000 from the fiscal year prior.

Marmouget remarked that the city continues to make a dramatic financial turnaround from the crisis in 2009-2010, when cash accounts were found to be in the negative.

“Not only have you paid down debt, at the same time you have built up cash reserves to the highest we have seen in a municipality,” Marmouget said.

The one material weakness noted in the report was a lack of segregation of duties in the municipal court due to limited personnel.

Not included in the report, but noted separately by Marmouget, was a 57 percent water loss rate, which includes water bill adjustments for residents, as well as loss due to old lines, meters, etc.

There were no other material weaknesses, major deficiencies, or non-compliance issues found in the audit.

The 2013-2014 audit is available on the City of Neosho website, neoshomo.org

If you have any questions about the audit, or any other financial question, please call Neosho City Manager Troy Royer at 417-451-8050 or email him at troyer@neoshomo.org

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