While Price city's net worth decreased between 2010 and 2011, an audit report released last Wednesday and presented to the city council showed that things for the most part are in good shape and that financial transactions are being done in accordance with the law.
Greg Marsing presented the report from the firm Smuin, Rich and Marsing and spent about 40 minutes going over its details.
"We have a high opinion of the city's financial operations," said Marsing. "There is good internal controls and compliance with the law. There were only a few minor items that we found that need to be corrected."
The report showed that the city's net worth decreased $207,739 over that time. The report also showed that the city's business-type revenues were $9.97 million, which was a 3.7 percent increase from the year before. The expenditures for that same period was $8.4 million, an 8.4 percent increase from 2009-2010.
The accounting firm stated in their summary that there was nothing that needed to be reported in connection with Government Auditing Standards.
The only area in which the auditors felt a change should be made was within the area of some budget overspending. Small variances had occurred and the firm recommended that city personnel review the expenditures made and compare them against the adopted budget to find areas where deficiencies are occurring. Then some adjustments can be made within with budgets that have excess money. Both problems were explained by the city. In one case there was a loan written off but not recorded until the year end budget revision was complete. In the other instance less was transferred to the capital projects fund because of a transfer snafu that occurred at year,s end.