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Monday, July 07, 2008
Atlantic County Earns Ninth Consecutive Perfect Audit
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For the ninth consecutive year, an independent audit of Atlantic County's financial operations and procedures has found no irregularities.
A synopsis and summary of the audit was published in the Press of Atlantic City on June 30. The audit was certified by the Atlantic County Board of Freeholders on July 1 in accordance with the requirements of the Local Finance Board.
The 2007 audit was conducted by Ford-Scott & Associates, LLC of Ocean City, an independent public accounting firm and the third independent auditor to report no findings.
The audit cited the county's current net debt which stands at slightly less than $81 million. According to Levinson, this figure is $13 million less than the county's net debt was in 1991. The current percentage of net debt stands at 0.17%, the lowest percentage in 16 years. The county's year end surplus was in excess of $20 million.
Standard & Poor's recently upgraded the long-term rating on Atlantic County's general obligation debt from "AA-" to "AA" based on the county's "strong financial position" and its steady diversified economic growth.
"The audit and the bond rating increase affirm Atlantic County's commitment to sound financial principals and fiscal responsibility," stated Levinson. "In these times of economic instabillity, our residents can be assured that Atlantic County continues to control spending and adhere to the highest standards of government integrity."
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