Audit Report For The City Of Seneca Released And Approved By City Council During Tuesday Meeting

(Seneca, SC)————-The city of Seneca held a Work Session and Special Called Council Meeting last night in City Hall Council Chambers and the big item on the agenda was the presentation and approval of the city Audit Report by Mike Stancil of Stancil, Cooley, Estep and Stamey. 

According to Mr. Stancil, the city is looking good in regards to its financial health and liquidity with total assets of $94 million, with $18 million dollars in cash on hand to cover around $5 million in debts that are due this year. There are $54 million dollars in liabilities however, the majority of which is the deferred pension liability in the amount of $20 million dollars, which is state retirement. 

Scott Moulder, City Administrator for Seneca, said that he is excited to see the results of the audit report. Moulder said he had concerns after the prior fiscal year’s audit report after reviewing it but things are looking better than they did before and he is excited to see the future.