(Riverton, Wyo.) – The Laramie Certified Public Accounting firm of Mader, Tschacher, Peterson & Company delivered good news to the Riverton City Council Tuesday night, presenting what City Administrator Steven Weaver said was a clean audit. “The city council will officially accept the audit report at next week’s meeting,” Weaver said. He said there were no deficiencies noted in the report.
According to the audit report, “the assets of the City of Riverton exceeded its liabilities at the cìose of the most recent fiscal yeaa by $59,952,070 (net assets). Of this amount, $9,422,380 (unrestricted net assets) may be used to meet the governmenfs ongoing obiigations to citizens and creditors”
The report also indicated that the city’s “totaì net assets increased by $624,879. Much of this increase can be attributed to the increase of assets due to completed projects and miscellaneous improvements.”
While some “deficiencies” were noted, the city’s Financial Statements and Federal Awards programs received “unqualified,” or clean, audits. No weaknesses were found in the city’s internal control over financial reports and there were no findings of noncompliance to financial statements. One deficiency noted was that the city relies on the external auditor to generate the annual financial statements. At the same time the auditors noted that “it is not economically feasible for the city to hire a CPS to prepare the financial statements.” It was also noted that quarterly progress reports on two different grants were filed after a 15 day deadline. The city proposed to eliminate that problem by sending out reminders 10 days in advance of due dates for all Federal reports to be submitted on time.