Peachtree City received a clean audit of its financial operations for the year ending Sept. 30, 2011, according to the accounting firm of Mauldin and Jenkins.
Auditor Miller Edwards noted that the city at year’s end had $9 million in fund balance available, which represents about four months worth of operating capital and a year-end increase of $900,000.
“My hat’s off to you. You’ve got a strong financial position as of Sept. 30,” Edwards said. “A good financial position.”
The audit did not result in any concerns over the city’s financial controls or its adherence to laws and regulations, Edwards said.
The firm did provide an informal recommendation on the matter of ambulance fees. Because a number of those bills are greater than 180 days past due, Edwards suggested the city plan to write them off periodically instead of just letting them accrue.
Once the bills age past the 180 day point, they are almost impossible to collect, Edwards noted.
About the $9 million in fund balance, which is essentially cash on hand, Councilman Eric Imker noted that the city’s plan is to draw down on those reserves by one million next year and perhaps a like amount the following year. The city has built up the cash reserves over the past several years, Imker said, adding that he didn’t want citizens to be surprised when the next two budget years take a significant amount of money from the cash reserves.