Amador County – The Jackson City Council on Monday heard from its auditor that it has $1.5 million committed to “post-employment benefits,” while the city has turned the corner in making its revenue match expenses.

Marilee Smith of the city’s auditing firm, Smith & Newell CPA, gave a report of fiscal year 2009-2010 and said she found the finances were mostly complete. She said it lacked some reporting in newly required GASBY 45 reporting standards, which still must be booked.

Smith said “the city has a very good handle of its finances,” but until its staff is familiar with the GASBY requirements, it should still keep the auditors involved. She said her staff has recently trained in the GASBY 45 standards.

She said she was able to issue an “unqualified opinion” about city coffers. She said fixed assets went up about $846,000, but the fund balance went down because capital outlay paid for the fixed assets was considered expenditures.

Councilman Keith Sweet asked how much the city owed in GASBY 45, post-employment benefits. Smith said the city’s “entire liability is estimated to be $1.5 million.” She said the city could continue to “pay as you go,” or it could pre-fund that amount. She said the city “must disclose any amount that you have not pre-funded.”

She said the independent audit report included her responsibility to “express opinions on these financial statements based on our audits.”

She said the city’s financial outlooks is “not really rosy yet, but is looks like the city may have turned the corner on making revenue match the expenses.”

The city’s net assets were $23.9 million as of June 30, 2010, of which total, $12.79 million “were governmental assets” and $11.2 million “were business-type assets.” Governmental revenues totaled $5.68 million and expenses were $4.8 million. Business-type revenues were $3.2 million, and business expenses were $3.05 million.

Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.