City hears fiscal audit

The Canton City Council heard a presentation from CPA John Watson of Cardiel Brooks, who presented the 2015-’16 fiscal year audit during the April 18 city council meeting.

Watson reported that the “City of Canton has received an unmodified opinion, which is the highest level of assurance.”

Watson remarked that the “city was in a good financial state, with almost six months of reserve funds.” The normal average, according to Watson, is for a city to have three months of reserve funds. 

Total assets exceeded total liabilities by $36,161,134. The city’s total net position increased by $1,475,3199.

The city of Canton brought in a sales tax revenue of $2,655,170 which is 49 percent of total revenues; and property taxes were at $1,161,988, 22 percent of total revenues. Grants and contributions totaled 9 percent; charges for service, 8 percent; and franchise and local taxes, 5 percent.

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