The city of Susanville’s financial reporting is in order, according to a comprehensive annual financial report prepared by the audit firm of Badawi and Associates, a firm of licensed certified public accountants.
The Susanville City Council voted 4-0 to accept the audit for the year ending June 30, 2016 at its Wednesday, Dec. 7 meeting.
According to the audit, the general fund ended fiscal year 2015-16 with an increase of $198,071 ($2.7 million). General fund revenues exceeded expenditures, excluding transfers, by $704,166. The approved general fund budget contained $41,344 in deficit spending. The city’s reserve is currently $855,138, or about 75 percent of its goal of 20 percent of annual operating revenue.
As of June 30, 2016, the city’s general fund revenues were $5.7 million — $20,176 more than budgeted. Actual expenditures were $5.5 million, $185,376 less than budgeted.
The city’s assets are currently $12.4 million and its net position is $4.1 million.