Brookhaven, GA, August 12, 2017 – The Post Reports – “Our policy is in line with the Government Finance Officers Association best practices of maintaining a reserve of three months of expenditures,” commented Brookhaven’s Chief Financial Officer Steve Chapman on the City receiving a clean financial audit. “We will continue to maintain the highest level of integrity in our bookkeeping and make improvements as necessary.”
According to the City, Brookhaven’s financial records are in good shape, and an adequate budgetary reserve was met for the first time in the City’s history.
“We issued a clean opinion,”reports Adam Fraley with auditor Mauldin & Jenkins. “The financial statements represent fairly in all material respects the results of operations as of and for the year ended December 31, 2016.”
Fulfilling the mandate in state law, an annual independent review of the City’s books was performed by Mauldin & Jenkins, LLC. The audit explored all of Brookhaven’s financial records for calendar year 2016. At the close of 2016, the City had a fund balance of $8.2 million, equivalent to cover 129 days of operating expenditures, or a 37.4 percent reserve. Standard industry practices indicate that 75-90 days is a healthy fund balance positon.
Brookhaven City Manager Christian Sigman notes that increasing the City’s reserve was a priority during 2016 and department heads are demonstrating strong budgetary discipline.
In 2015, Brookhaven’s reserve was 23 percent of budgeted expenditures, according to City figures. That same year Brookhaven received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.