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Audit Shows Status of City of Binghamton's Fiscal Health

An independent audit of the City of Binghamton’s finances has revealed that the city’s fiscal health is improving.

The audit was conducted during the 2014 calendar year by Ciaschi, Dietershagen, Little, Michelson & Company, a certified public accounting firm. The firm, “...did not identify any deficiencies in internal control that we consider to be material weaknesses.” The City also resolved an issue from a 2013 audit, in which a significant number of encumbrances were being improperly recorded.

Binghamton Mayor Rich David commented on the findings saying, “These are several steps in the right direction as we continue our efforts to clean up the City’s finances. As we deal with unfunded mandates and increasing costs to provide basic municipal services, the City’s fiscal health remains a top priority. I’m glad to report that it’s improving and our strategies are working.”

Other findings include:

• Increase in General Fund balance from $9.78 million in 2013 to $15.96 million in 2014.
• Increase in Water Fund balance from $498,121 in 2013 to $1.94 million in 2014.
• $1.8 million reduction in the Sewer Fund deficit due to changes to capital projects at the Binghamton Johnson-City Joint Wastewater Treatment Plant.

The entire report can be found here.