CULLMAN, Ala. – Cullman City Council President Jenny Folsom announced at Monday’s council meeting that the city’s Fiscal Year (FY) 2020 financial audit is complete and arrived from Warren Averett CPAs and Advisors clean, with no negative findings.
The summary of the report showed no deficiencies in financial reporting, no issues of noncompliance and identified Cullman as a “low risk auditee.”
Highlights
The Warren Averett report noted:
- The City’s net position increased $19,006,626 over the course of FY 2020: $11,546,225 increase in the net position of the governmental activities and $7,460,401 increase in the business-type activities.
- Budgeted revenues in the General Fund for FY 2020 were based generally on the previous year’s receipts; however, budgeted revenues increased during the year due to the improving local economy. Revenues were $2,949,416 more than budgeted, while at the same time, General Fund expenditures were $2,791,751 less than budgeted.
- Cullman’s General Fund reported a combined fund ending balance of $24,194,849, as compared with the previous year’s balance of $20,717,380. The revenues of the General Fund increased by $4,109,087 (11.0%) due to an increase in tax receipts and intergovernmental revenues. The expenditures of the General Fund increased by $2,819,378 (8.7%) due to an increase in capital outlay.
- The largest source of revenue in the General Fund for FY 2020 were taxes, which consisted primarily of property and sales taxes. Tax revenues increased by $1,989,685, from $23,393,675 in 2019 to $25,383,390 in 2020.
Raw numbers
- The city had total financial assets in FY 2020 of $430,822,518, up from $406,188,356 in FY 2019.
- Deferred outflows of resources raised the 2020 total to $435,384,288.
- Total 2020 liabilities were $194,108,813, up slightly from 187,553,256 in 2019.
- The difference in assets and liabilities left Cullman up by $241,275,475 in 2020, as opposed to $222,268,849 in 2019.
- The city took in $41,724,770 in charges for services and $33,519,323 in taxes.
- The city expended $11,914,389 in federal grant awards.
2020 revenues
Program revenues:
- Charges for services $41,724,770
- Operating grants and contributions $1,431,309
- Capital grants and contributions $2,754,364
General revenues:
- Taxes $33,519,323
- Unrestricted investment earnings $152,865
- Other $4,044,597
- Total revenues $83,627,228
2020 expenses
- General government $6,521,333
- Public safety $13,296,729
- Highways and streets $5,250,012
- Sanitation $4,738,514
- Health and social services $836,973
- Culture and recreation $206,390
- Education $7,837,763
- Conservation $117,238
- Interest on long-term debt $246,699
- Sewer $6,797,582
- Water $11,048,710
- Parks and recreation $9,992,841
- Airport $812,113
- Total expenses $67,702,897
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