Pinson audit reveals financial improvements, bank reconciliation challenges
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Pinson audit reveals financial improvements, bank reconciliation challenges
The City of Pinson is seeing improvements in its financial bookkeeping, according to a new audit. The city received a passing grade on finances, including improvement in several areas compared to the previous year. Overall city expenses went down nearly $300,000. City also saw continued progress in capital assets, with just over $800,000 in investments,. The city’s outstanding debt total was more than $1.9 million.
Dawson Horton, who represents the firm, shared the results of the city’s June 2024 year-end financial statements.
The city received a passing grade on finances, including improvement in several areas compared to the previous year. Horton said the city saw a growth in assets and growth in cash year over year, including an increase in capital assets and a decline in liability balances. The city also had continued reduction of long-term debt, with no issues making payments.
Horton said the city did see a slight decline in sales tax revenue, with an increase in other taxes across the board. Overall city expenses went down nearly $300,000. Horton said the city was managing its project expenses and well and staying within the budget of expectations.
The city also saw continued progress in capital assets, with just over $800,000 in investments, including renovations of city facilities. The city’s outstanding debt total was more than $1.9 million.
Horton did emphasize one area of improvement. He said the city did get behind on its bank reconciliation process, making it harder to verify transactions.
“When you get behind it’s so hard to get caught back up,” Horton said. “It felt like, ‘If we can’t get it right in the system, it’s hard to tell what you’re missing.’ Did we miss a transaction, or did we post a transaction twice? When you’re fighting from behind it’s so much harder to identify that.”
Despite this discretion, Horton said he is optimistic the city can approve this year.
“None of these are issues that aren’t fixable,” Horton said. “These are things we can overcome. I think we are getting pretty close to it here in 2025. Improvement is something that’s attainable, and it feels like we can get passed all of this.”
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