City Receives Fourth Consecutive Perfect Audit

Bike Salisbury

Salisbury – City Administrator Julia Glanz today announced that Salisbury’s annual audit report shows the City to be in a favorable financial position. This year’s audit is the fourth in a row with no findings or recommendations for improvement.  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 2020 financial reports fairly represent the City’s financial results in accordance with Generally Accepted Accounting Principles.

“We’re thrilled to receive yet another spotless audit,” said Administrator Glanz. “The fact that we are once again able to say this is testament to the impeccable work of our Finance Director, Keith Cordrey, and his entire team who continue to set the standard for all other municipal government finance departments.”

Cordrey said, “The City uses its financial policies as guidance for doing business. Adherence to these policies preserves fund balances and keeps the City financially strong. That is why the City enjoys such a strong credit rating.”

The City’s Unassigned Fund Balance (the spendable portion of city assets) saw an $881,074 increase year-over-year – a testament to solid economic planning, and sound allocation of resources.  A strong unassigned fund balance (often referred to as surplus) helps to ensure that the City can sustain itself during difficult economic cycles.

“As the year draws to a close, we’re near the halfway mark of the fiscal year, and there is plenty left to do,” added Administrator Glanz. “Soon we will publish the Capital Improvement Plan for the years 2022-2026, and then transition immediately into budget season. With 4 straight years of no-note audits, we feel a pride of accomplishment, and a sense of confidence in our decision-making processes. Still,” she added, “we know that every system can be improved, and that every process should be constantly re-evaluated, to ensure that we’re doing the best work for our citizens at all times. I thank Keith and his team, and I congratulate them on yet another year of gold-standard performance.”

The audit findings were presented to Council at Monday evening’s work session.  For more information on the City’s Finance Department, visit www.salisbury.md/departments/finance

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