Del Mar receives another positive audit

By Kristina Houck

Del Mar once again received a clean financial report after its latest audit.

An independent third-party accounting firm, Mayer Hoffman McCann P.C., stated in its report that the city kept its books properly during the fiscal year that ended June 30, 2013.

“We did find your accounting records to be in order,” said the city’s auditor Ken AI-Imam at the March 3 council meeting. “All of our tests checked out and they supported a conclusion that your financial statements are fairly stated in all material respects.”

The firm performed 400 hours in audit tests, evaluating and confirming the city’s internal controls, cash and investment balances, capital projects, and more.

At the end of June 30, 2013, the city had more than $97.7 million in total assets and nearly $11 million in liabilities.

“The liabilities of the city are very small, especially in comparison to other cities that we audit,” AI-Imam said.

Del Mar’s general fund of more than $11.9 million indicates the economy has improved.

The city’s three main sources of revenue — property taxes, transient occupancy taxes, and sales and use taxes — were higher than the previous fiscal year. In fact, the city received $937,141 more than originally projected, said Del Mar Finance Director Teresa McBroome during her financial report to the council.

Del Mar’s general fund expenditures totaled more than $12 million — $525,032 less than what the city had budgeted. The savings left more than $2.1 million in the city’s reserves, she added.

“I want to thank staff and all their efforts to maintain the budget and keep track of everything very carefully,” said Councilman Terry Sinnott.

“We’re very proud of our finance department,” said Mayor Lee Haydu. “Ever since I’ve been on council we’ve had great audits.”

   
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