City earns clean audit from BKD

An independent audit performed by BKD LLP of the city of Springfield found no qualms about the city's financial reporting processes.

BKD conducted the audit of the city's 2012 fiscal year, which ended June 30. It was the first time BKD was selected to perform the annual city charter-required audit; previously, city audits were done by the Kansas City office of international accounting firm KPMG, according to a news release.

Audit highlights:

• The city's net assets increased $49 million to $859 million as of June 30, $557 million of which represented investments in capital investments such as roads, land, buildings, machinery and equipment, and infrastructure and sewer collection services.
• Springfield's outstanding debt increased by $20 million to $377 million. During the fiscal year, the city issued $35 million in bonds - $33 million for sewer system improvements and $2 million for storm-water system improvements. During the year, the city repaid $15 million in debt.
• The city's rainy-day fund increased to $14.6 million from $14 million. The rainy-day fund is used for unanticipated emergencies and represents 20 percent of the city's general fund.
• Auditors reviewed $32.4 million in grant funds and found they had been accounted for and spent appropriately.

“We had very good cooperation and everyone did a great job getting us the information we needed on a timely basis,” BKD partner Kim Hamm said in the release. “This is not a bad audit.”