By Lee Weyhrich
CLAY — The city of Clay received a favorable audit from the accounting firm of A.J. Young, Cork Hill and Co. at Monday’s Clay City Council meeting.
City audits are split into two different accounting methods: entity wide and funds based.
The entity-based audit treats the city as if it were a corporation, while the funds audit treats the city as if it were an individual. These two methods together give the auditors a better picture of how the city is actually progressing.
Due to a change in the fiscal year the audit was for a nine-month period, rather than the full year. According to the entity audit, the city ended the period with total revenues in excess of $151,000. By the other accounting method the city actually cleared more than $195,000.
The only major item that needed to be changed was the library’s discretionary fund. In the past that fund was not part of the audit.
“Overall the city had a good year,” an auditor said.
In other news, the city council is working on an intergovernmental agreement to develop the land between Clay-Chalkville High School and Clay Elementary School. The land is currently undeveloped, but could be graded and reworked to create several sports fields.
Part of the agreement would be that unless the schools are using any facilities, city sports programs could use them without filling out the paperwork currently required.