Stockbridge Secures Clean Audit Opinion Despite Internal Control Gaps

The audit, presented to the City Council on September 29, confirmed a General Fund balance of $17.9 million. This figure represents 72 percent of annual expenditures, significantly exceeding the two-month reserve benchmark recommended by the Government Finance Officers Association. The city's total net position rose to $156.0 million, an increase of $14.4 million over the previous year, while the unrestricted net position more than doubled to $23.7 million.

Despite the positive financial standing, auditors identified specific vulnerabilities in year-end closing processes. These gaps involve the recording and reconciliation of receivables, depreciation, capital assets, interfund activity, and amphitheater expenditures. City Treasurer Frank S. Milazi stated that the administration concurs with the auditors' findings and is implementing the recommended procedural adjustments to strengthen future reporting. Mauldin & Jenkins noted that city staff provided full cooperation throughout the review, and all identified discrepancies were corrected before the final statements were issued.