City-hired auditors determined that financial statements for 2010 showed a “clean” audit in an annual financial city report.
The Comprehensive Annual Financial Report and financial statements for the city’s redevelopment agency ending on June 30, 2010 were assessed by Lance, Soll & Lunghard, the city’s auditing agency.
According to the city’s financial report:
- Glendora’s net assets were $160.6 million, down from $161. 1 million from last year. Thirty-one percent of that figure represented infrastructure assets, such as buildings, streets and storm drains.
- The city has used 2.8 percent of its reserves to offset the effects of the recession.
- From a $21.4 million expenditure budget, the city faced a $26,000 negative balance.
“Yes, I feel good about that,” said Financial Director Josh Betta during Tuesday's City Council meeting. However, expenditures for workers’ compensation decreased from $1,142,966 in 2009 to $529,745 in 2011.
“This is not an area we have a great deal of control over,” said Betta. “There were losses in the fund.” Betta and Mayor Doug Tessitor indicated it was not uncommon for compensation claims to rise during times of economic hardship.
Auditors also issued a clean report on the city’s Community Redevelopment Agency, disclosing net assets of over $232,000. The cash fund balance is $21.9 million.
With the city’s financial report extending more than 300 pages, council member Judy Nelson suggested a budget brief be prepared quarterly and annually to break down the technical jargon and numbers for citizens to more easily understand.
“Our core values include open and accessible government, accountability and community involvement,” said Nelson. “So it’s critical that we prepare something for lay people, our citizens, to able to look at and understand more easily the budget that we have prepared.”
The council directed city staff to review Nelson’s suggestion.