Economic Development, Government
City’s finances “healthy” in latest audit
The city of Bessemer continues to operate with strong financial management as evidenced by another successful audit, city officials were told earlier this week.
The audit, which covers the period from Oct. 1, 2017 to September 30, 2018, was completed by the firm of Kellum, Wilson and Associates, P.C. The audit was presented to Mayor Kenneth Gulley and members of the City Council during the July 9, 2019 Planning Session.
“The city is healthy financially and that comes from good financial management,” said CPA Lori Kes, the City’s external auditor.
Kes noted that city’s general fund revenue increased by 11.6 percent compared to FY17. Tax revenue increased by 9.1 percent, exceeding expectations. Kes further noted, that there were significant improvements in the city’s sales tax collection and attributed a portion of this increase to the city’s participation in the state of Alabama’s Simplified Sellers Use Tax. This tax allows online sellers to collect and remit a flat fee for sales made online.
Overall, the city’s actual revenues exceeded budgeted revenues for the year. City expenditures decreased 1 percent during the same time period, the audit shows.
Mayor Gulley praised the work of Finance Director/Treasurer Kela Pryor, CPA and staff for their roles in maintaining the city’s strong financial status.
“The city of Bessemer continues to operate under good financial management”, city officials were told earlier this week in a presentation of the most recent audit.
The city’s Finance Department is responsible for safeguarding the city’s finances. It oversees treasury management, accounts payable, purchasing, revenue collection, debt management, budgeting, payroll and human resources and internal auditing. In addition, the finance department is responsible for grant management, contract compliance, and the establishment and implementation of internal controls policy and procedure.
Each year the city of Bessemer provides its completed audit report on-line. To read the audit report, click City of Bessemer Financial Statement 2018.