Matt Wood, a certified public accountant, and partner with Alexander Thompson Arnold, PLLC, delivered the annual audit of the City of Jackson to the Jackson City Council at City Hall, Tuesday.
Wood said the purpose of the audit is to provide assurance that management has presented a ‘true and fair’ view, enhance the degree of confidence in the financial statements, and identify insights into areas where management may improve their controls of processes.
Total assets and deferred outflows for the year ended:
June 30, 2019 – $226.85 million
June 30, 2018 – $223.16 million
June 30, 2017 – $224.66 million
The $3.69 million increase – significant changes include:
$2.36 million increase in cash/cash equivalents, partly because of a $1.15 million decrease in investments.
$1.01 million decrease in Grants Receivable
$3.47 million increase in Construction in Progress
Total liabilities and deferred inflows for the year ended:
June 30, 2019 – $159.99 million
June 30, 2018 – $163.47 million
June 30, 2017 – $158.42 million
The $3.48 million increase – significant changes include:
$7.80 million decrease related to Net pension liability – TCRS
$3.33 million increase in deferred inflows-pension
Total net position for the year ended – June 30, 2019 – $66.86 million
Total assets for the year ended – June 30, 2019 – $48.73 million
Total liabilities and deferred inflows for the year ended – June 30, 2019 – $31.01 million
Total general fund balance for the year ended – June 30, 2019 – $17.72 million
(PHOTO: Matt Wood, Alexander Thompson Arnold)
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