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Municipal Budget In Summary and Accompanying Audit The following data summarize the Fiscal Year 2010 budget for the City of Nassau Bay. The detail below shows the planned expenditures.
Nassau Bay Receives a Clean Audit Report! Stephanie Harris from Belt, Harris and Associates presented the 2008 annual audit results to the Nassau Bay City Council on June 8, 2009. She informed the City about receiving an unqualified opinion for the 2008 audit and expounded upon that being a ‘clean’ opinion and that there is no better opinion that the City could receive. Stephanie Harris is an independent CPA and a Partner with the City’s auditing firm. Ms. Harris also presented the financial statements for the Economic Development Corporation (EDC) and the Single Audit Reports. Both of these were unqualified opinions as the highest level of assurance provided by an independent CPA. The Federal Government requires a Single Audit Report when grant expenditures for a single entity exceed $500,000 per year. It was noted that the City’s Total Assets were in excess of $15 million while the City’s Total Liabilities were below $5 million. Ms. Harris stated that the Total Net Assets for Nassau Bay were strong at near $11 million. The largest portion of the City’s net assets (62%) reflects its investments in capital assets [e.g., water and sewer systems, drainage systems, and fleet equipment]. A complete copy of the 2008 annual audit is available for inspection at City Hall.
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