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Friday, June 15, 2007
Audit Finds Atlantic County in Sound Financial Standing
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The annual review of Atlantic County's financial operations and procedures, conducted by an independent public accounting firm, has found no irregularities. This marks the eighth consecutive year Atlantic County has earned a clean audit and the third independent auditor to report no findings.
"I am proud to report that Atlantic County Government continues to be a responsible steward of its taxpayers money," stated County Executive Dennis Levinson. "My administration is committed to the highest standards of government integrity and fiscal responsibility, as validated by this eighth straight perfect audit."
The 2006 audit conducted by Ford Scott Seidenburg Kennedy of Ocean City praised the county's financial staff in a transmittal letter to Levinson and complimented the county for prudently managing its surplus to avoid future tax increases. The county provided a portion of the surplus to 2007 tax relief, but more than $10 million remains for future tax aid.
The audit also commended Atlantic County's low debt. The county has an allowable bonding capacity of $806 million, yet its net debt is currently one-tenth of that amount. "Very few, if any counties, can make this claim," added Levinson.
The transmittal letter also noted the county's successful implementation of internal control systems to prevent fraud.
Levinson applauded the county's financial staff for their continued diligence to ensure responsible budgets, debt management and capital improvement plans. "Atlantic County residents are very fortunate to have the benefit of so many hard working and competent people."
A synopsis and summary of the audit was published in the Press of Atlantic City on June 11. The Atlantic County Board of Freeholders is expected to review and certify the audit at its regular meeting on June 19 in accordance with the requirements of the Local Finance Board.
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