PORT DEPOSIT — Port Deposit town officials got good news Tuesday night from the accounting firm of Barbacane, Thornton and Company.
BTC partner Tim Sawyer said his audit of Port Deposit’s finances was ‘clean’ and the town was in a good position with its resources.
“There are no significant accounting policies that the town had to adopt this year,” Sawyer said, adding that there are “no material weaknesses or significant deficits.”
Sawyer said the audit looked at 40 random transactions to study the town’s processes and found no issues. He said the general fund revenue has been pretty conservative over the past three years.
“Your revenue has been consistent ... and there’s been good use of that revenue,” he added.
Port Deposit ended the last fiscal year with $962,000 on its books, leaving the town with a net position of $5.2 million. Sawyer pointed out that the town still is waiting for reimbursement of funds for some grant funded programs.
“Your capital fund showed a loss of $70,000, but that was expected,” he said. The general fund ended up in a positive position.
Ted Sookiasian, the town’s finance director, echoed the review of the capitol fund.
“We did incur a lot of expenses with stormwater projects but we will get reimbursed over time,” Sookiasian said.
BTC will give the town a full finished report of the annual audit by the end of the year.