The city of Springfield this week received a clean audit report.
Kansas City-based RSM US LLP, the city's independent auditing firm, delivered an unmodified opinion, the highest level given, according to a news release. Presented at Springfield City Council's work luncheon Tuesday, the audit found no material weaknesses, significant deficiencies or compliance issues.
“In addition to providing the highest quality of services possible, the city of Springfield must always be accountable for the collection and use of the public’s dollars," Springfield City Manager Jason Gage said in the release. "Ensuring stability of the city’s financial position is also essential. We take these responsibilities seriously and continue to live by these values."
At the close of fiscal 2021, the city's equity, or net position, was roughly $1 billion, an increase of $74 million compared with a year earlier. Sales and use tax revenues, the largest governmental category for the city, were about $148 million, or 59% of total revenues. Sales taxes were up by $12 million, with officials citing federal stimulus funds injected into the economy.
The largest portion of the city's net position, at $696 million, or 67%, reflects investments in capital assets such as construction, buildings and improvements, according to the release.
The audit also touched on the city's grant programs. In fiscal 2021, the city spent $38.5 million in federal grant funds, and the audit found no significant deficiencies or material weaknesses in compliance.
Read the profiles of this year's honorees.