During the regularly scheduled meeting of the Paintsville City Council on Monday, Jan. 13, the council was presented with an audit report performed by certified public accountants from Wells & Company, P.S.C.
Auditor Jim Bryant addressed council members regarding the significant audit findings.
Bryant commented on some of the content of the 59-page report, explaining much of the net position of the City of Paintsville.
“I think, overall, the city is in good financial (standing). Compared to where we were, compared to where you were four, five, six years ago, the city has made great stride. I mean, you’ve got your bills paid on time and your accounts payable are exactly where they need to be. It’s just what you owe for the current accounts payable, instead of having $400,000 or $500,000 in accounts payable behind on your power bills and stuff like that.”
The only notable critique auditor’s reported in their findings was that the city “(presently) has an absence of appropriate segregation of duties
consistent with appropriate internal control objectives.”
City management agreed with this finding and, according to the report, will continue strong oversight regarding this matter.
Bryant addressed the council members, “You guys have made great strides and you are in much, much, much better financial standing than you were previously.”