An independent audit of Grantsville City’s finances returned no findings for the fifth consecutive year.
The audit, completed by Gilbert & Sullivan, a certified public accountants firm based out of Provo, found the city’s financial statements in order for the 2016-17 fiscal year. The audit also found no problems with the city’s internal financial controls.
The city’s financial statements and independent audit will next be forwarded to the state auditor for review and approval.
Grantsville City received $90,880 more in revenue than budgeted and expenditures were $532,342 less than budgeted, according to the city’s financial statements included in the audit.
The city’s net position, which calculates the difference between its assets and liabilities, increased by $3.97 million in fiscal year 2017.
An increase in infrastructure from development, and charges for services and sales tax, contributed to the increase in the city’s net position, as well as the increase in residents and permits.
The Grantsville City Council held off formal acceptance of the audit findings after Councilman Tom Tripp requested more time to read through the document. The City Council received copies of the audit at Wednesday night’s meeting and had not yet reviewed the materials, Tripp contested. A motion by Tripp to table acceptance of the audit passed unanimously.