Springfield Receives Good Audit

This from the Springfield Business Journal:

The city of Springfield received an "unqualified" financial audit Tuesday from the Kansas City office of international accounting firm KPMG.

The unqualified findings mean there were no reservations or problems expressed with the city's financial reporting processes, according to a city news release. The outside audit is required annually under the city charter.

Among the key points of the audit:

• As of June 30, the city's net assets totaled $724 million, including $482 million in capital assets. Net assets increased by $22.7 million in fiscal 2009; and

• Total debt increased by $17 million during the fiscal year to $392 million in outstanding long-term debt, with the city issuing $12 million in bonds offset by payments of previous debt.

"You're facing a number of challenges, as are other cities, and you're handling them well," KPMG Auditor Michelle Stromp told the Springfield City Council during the council's Tuesday luncheon, according to a news release.

The city also announced that its Finance Department received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers' Association. It is the 32nd consecutive year the department has received the honor.