SALISBURY, MD – Mayor Jake Day is pleased to announce that the annual Audit Report, prepared by Barbacane Thornton & Company, shows that the City continues to maintain a favorable financial position. It is the City’s fifth consecutive clean audit opinion, with no audit adjustments, and no new or existing findings under the leadership of Finance Director Keith Cordrey.
“It takes the entire finance department team following best practices in order to have a successful audit like this,” said Mr. Cordrey.
The annual audit is a comprehensive examination of Salisbury’s financial operations. A “no-note” audit indicates that the financial machine within the City is functioning well, and internal controls are effective and being followed. Auditors determined that Salisbury’s 2021 financial reports fairly represent the City’s financial results in accordance with Generally Accepted Accounting Principles.
The City reported $3.2M was returned to surplus in the General Fund, resulting in an Unassigned Fund balance of $12.6M as of 6/30/21. No new bonds were issued during FY2021.
Mayor Jake Day once again praised Cordrey and the Finance team for their diligence and stewardship of taxpayer dollars.
“Keith and his team continue to set the standard for municipal financial operations. For the fifth year in a row, their meticulous adherence to best practices and strict internal controls has produced an audit with no adjustments or suggestions for improvement. It is an achievement that not only reflects the consistent excellence of their work, but one that helps put us on the best possible footing to maintain our AA credit rating. I congratulate Keith and the Finance team for once again being recognized for their outstanding work.”
