Anita Weston, Reporter
Rich Civic Times
GARDEN CITY, Utah. January 12, 2017. Gary Tuescher, CPA, audited Garden City’s Financial Report
for the fiscal year July 1, 2015 through June 30, 2016. He handed out copies of the report to the
Board Members and went through the report making sure that everyone understood
the information included in the report.
Tuescher noted that an audit involves performing
procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures
selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, he expresses no such
opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant account estimates made by management, as well as
evaluating the overall presentation of the financial statements.
Tuescher, in his opinion, determined that the financial
statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of
the Town of Garden City as of June 30, 2016, and respective changes in
financial position, and, where applicable, cash flows for the year then ended
in conformity with the accounting principles generally accepted in the United
State of America.
He noted that the financial highlights show:
*Total net
position for the Town as a whole increased by $858, 966
*Total
unrestricted net position for the Town as a whole increased by $850,379
*Total net
position for governmental activities increased by $460,548
*Total net
position for business-type activities increased by $398,419
The basic financial statements comprise three
components: (1) government wide
financial statements, (2) fund financial statements, and (3) notes to the
financial statements.
It was suggested that anyone interested in seeing the annual
financial report go to the City Office where the report is on file.
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