The city’s dollars and cents added up last year.
A team of independent auditors says so.
The firm of Maloney, Reed, Scarpitti and Co., LLP, reviewed the city of Corry’s financial records and accounts for 2009 and concluded that all the numbers were in order.
After analyzing the city’s financial records from Jan. 1 to Dec. 31, 2009, the auditors said, “We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. …”
They went on to say, “In our opinion, the financial statements … present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and remaining fund information of the city of Corry.”
An audit is an examination of records and financial accounts to check their accuracy.
Corry City Council received the good news about the city’s most-recent audit earlier this week.
“(City Treasurer) Tom Winchell and his staff do an excellent job,” said Councilman Pat Migliaccio, the city’s director of finances. “That’s why we get audits like this.”
The audit showed the city had $12.62 million in total assets as of Dec. 31.
As treasurer, Winchell has to account for every penny.
“The hardest part is classifying revenues and expenditures in the right place,” Winchell said. “Everybody here keeps things pretty organized. We try to get things classified right the first time.”
Winchell keeps track of the city’s finances on a daily basis, so when the final day of the fiscal year arrives on Dec. 31, most records are in order. Still, it usually takes a couple of more weeks in January to close the books on the previous year.
“We try to clean things up as quickly as we can and get the auditors here,” Winchell said.
A team from Maloney, Reed, Scarpitti and Co. arrived in Corry at the beginning of February. They camped out on the second floor of the city building and crunched numbers for about seven days, Winchell said.
Much of the city’s financial records are stored on computer files, but auditors still had to sift through information the old-fashioned way — by sorting through paperwork.
“We still have quite a bit on paper, but we’re doing more and more work electronically,” Winchell said. “The more paperless we become, the better. The auditors love paperless.”
The auditors spent several months after reviewing the city’s records to complete their audit. The final 54-page 2009 audit was finalized June 15.
Winchell, who in a previous job as an accountant conducted several audits, was not surprised when the city’s finances were deemed in order.
“I’m always expecting to pass,” he said.
Still, the auditors noticed a few ways that the city could improve its record-keeping and included those suggestions in a separate letter to the city.