The city of Seaside recently was audited for fiscal year 2014-15 and the city’s finances are in good shape, according to city staff.
During the Monday, Dec. 14, Seaside City Council meeting, Richard Proulx, of Portland-based Kern & Thompson certified public accountants, presented the results of an audit of the city’s financial statements from the 2014-15 fiscal year, ending June 30. The audit was completed in November.
Kern & Thompson reviewed the financial statements of Seaside’s governmental activities, business-type activities, each major fund and the aggregate remaining fund information “to obtain reasonable assurance about whether the financial statements are free from material misstatement,” the report states. The audit also evaluated the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by city management, in addition to the overall presentation of the financial statements, according to the report. The audit was done according to federal standards.
The firm rendered an unmodified opinion. Everything was accurate and complete, Proulx said, adding, “It was a very well-run audit this year.”
The Seaside City Council voted unanimously to accept the audit, which state law requires to be performed annually, The report is online at the Secretary of State website.
Also at the meeting, the city unanimously adopted three resolutions adopting and appropriating supplemental budget increases. The city’s revenue for fiscal year 2014-15, particularly from tourism, was higher than anticipated, City Manager Mark Winstanley said,
The first resolution made changes totaling about $400,000 to the budget for sewer plant replacement, capital improvement and maintenance, systems development for parks, the Seaside Municipal Airport and economic development. Because the combined increase was more than 10 percent, the council held a public hearing on the resolution. No one commented.
The second resolution adopted approved a decrease of $100,000 to sewer resources and increases totaling about $41,500 to funds for community development, the state tax street fund and parks construction.
The third resolution affected the Seaside Road District Budget. The beginning fund balance was increased from about $797,000 to nearly $896,000.
“We’re making adjustments to our beginning fund balances so they coincide with what the audit has for ending fund balances for last year,” Winstanley said. “These are just housekeeping resolutions we’re going through.”