Seneca given Clean Financial Audit

Once again, Seneca’s outside auditor has given the city a clean opinion on his accounting of the financial records for the government year ending on June 30, 2013, explains Seneca Clerk/Treasurer Joel Seavey.  “The audit process was pretty smooth this year.  We got all the work and trail balances ready and they started around October and then the fieldwork was done and they actually issued a report to us on January 16.  We use that report only to send into the agencies that we have to as far as SCC laws apply because we have the public bonds and a couple of other state agencies.  Then we make it public after Mike Stancil gave his report to Council and they can vote on it, then we are able to share it with the public on our website.  That has happened now since he has reported it and Council made a motion to accept it on Tuesday night.  The financial report was good.  It showed a decrease in net position of almost $3 million because on money we used from previous years fund balances that we saved and money we used for the hotel and other things.  It was good report, we are still in great shape, good position and there were no internal control problems is what Mike reported to Council and there was some other good things happening in town.” Outside auditor, Mike Stancil of Stancil, Cooley, Estep and Stamey told the Seneca City Council the value of the city’s assets was $49.3 million; however, the audit reflected a $2.8 million drop in its net position. Stancil pinned the decrease on smaller than expected utility revenues and its investments such as a $1 million investment in a hotel on East North 1st Street.  Stancil said he feels that the city’s investment in the Hampton Inn and Suites should pay off in economic benefits inside what is considered by the federal government as an economically depressed area.