FARMINGTON — An independent auditor who reviewed the city's fiscal year 2013 Comprehensive Annual Financial report covering nearly $618 million in assets found no major concerns and said the city is "pretty healthy."
Farmington City Council members accepted the report at its work session on Tuesday.
"Overall, I will say it was a fairly nice audit. Your financial staff does a really good job," said Brandon Valentini, a certified public accountant who reviewed the 152-page financial document, which assesses the city's finances. Valentini works for Moss Adams, an independent CPA firm with offices in Albuquerque and around the country.
Valentini issued a clean opinion of the city's financial report. He said city staff deserve "kudos."
According to the document, the city's assets are trending upward, and its revenues are greater than its expenditures.
The city's total assets in fiscal 2013 were almost $618 million, nearly $15 million greater than the previous fiscal year's, according to the document.
Its revenues in fiscal year 2013 were nearly $210 million, up almost $6 million from the fiscal year before, according to the document. But its expenditures in fiscal year 2013 were a little more than $188 million, about $7 million less than the year before, according to the document.
In general, Valentini said the city is "pretty healthy."
The city's fiscal year runs from July 1 to June 30, and each year — for 19 consecutive years — the city's finance division has won Government Finance Officer Association awards for compiling the document, most recently for its fiscal year 2012 report.
The award acknowledges the report's accountability to residents and others interested in the city's finances.
Last year, department staff also won two other awards from the association for its fiscal year 2013 budget and fiscal year 2012 Citizen's Financial Report.