Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 5230 FINANCE REPORT T E A M G R E E R 2 0 1 6 A N N U A L R E P O R T The City of Greer received high marks follow- ing an independent audit of the its financial records and transactions for the 2015-16 fiscal year. The city’s audit was completed by the account- ing firm of S. Preston Douglas & Associates, LLP, of Lumberton, N.C. Lee Grissom, a partner in the firm, visited Greer in January 2017 to present to Greer City Council the Comprehensive Annual Financial Report (CAFR), which contains the financial state- ments and other financial and statistical data that provide a full and complete disclosure of all material financial aspects of the city. “I have nothing but good news to report,” Gris- som told council. “We give a clean, unmodified au- dit opinion, which is the highest level of assurance. Management was very organized and forthright. Ev- erything we requested was provided in a timely man- ner. The city seems to be on a good track.” Key financial highlights identified in the audit are: • The assets and deferred outflows of resources of the city exceeded its liabilities and deferred inflows of resources by approximately $21,107,000 (net po- sition). Of this amount, approximately $19,845,000 and $1,262,000 were related to the governmental and business-type activities, respectively. • Governmental funds reported combined ending fund balances of approximately $15,849,000, an in- crease of approximately $1,846,000 over the prior year’s fund balance. • Unassigned fund balance for the general fund was $9,956,266 or 48.3% of general fund expenditures and transfers. The $1,501,135 increase is primarily a result of the improved economic activity resulting in increased business license fees and additions to the city’s tax base occurring through annexation and development. • The city’s long-term obligations, including lease purchases and compensated absences, decreased by $1,514,086 from $19,715,994 to $18,201,909, a reduc- tion of 7.7% as principal payments outpaced new bor- rowing. The auditors also noted that council’s and manage- ment’s commitment to improving the financial stability is reflected in the city finishing the fiscal year approx- imately $280,000 under budget for expenditures in the General Fund. Every department completed the fiscal year under budget. “I think all City of Greer employees recognize their roles in being good stewards of public funds. We always seek the best value when purchasing capital goods and services and actively look for grant oppor- tunities to supplement budget expenditures,” Chief Fi- nancial Officer David Seifert said. The Finance Office has been recognized for nine- teen consecutive years with the Certificate of Achieve- ment for Excellence in Financial Reporting. The honor, given by the non-profit Government Finance Officers Association (GFOA) of the United States and Canada, is designed to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehen- sive annual financial reports that evidence the spirit of transparency and full disclosure. Current and past audit results are made available for public examination at www.cityofgreer.org or in person at Greer City Hall. “I think all City of Greer employees recognize their roles in being good stewards of public funds.” – David Seifert