City Audit Highlights Growth and Stability

McCOOK Neb. - Marcy Luth with AMGL CPAs and Advisors out of Grand Island presented the Audit report for the fiscal year ending Sept. 30, 2024.

The comprehensive audit, conducted by independent auditors, was a critical examination of the city's financial statements, offering valuable insights into its overall financial health.

The auditors provided an unmodified opinion, signifying that the financial statements accurately reflect the city’s financial position. This positive outcome is essential, as it not only ensures compliance with recognized accounting standards but also enhances public confidence in how the city manages its finances.

A highlight of the audit report was the benchmarking analysis, which compared McCook’s financial performance to that of other similar cities across Nebraska over the past five years. This comparison included a detailed two-page spreadsheet showcasing twelve key financial ratios, enabling a deeper understanding of McCook’s economic standing.

One of the most noteworthy findings was that McCook boasts a per capita valuation of approximately $74,000, placing it ahead of many of its peers. This impressive figure is indicative of the city’s ongoing development and strong fiscal management. However, the audit did note that the unrestricted net position for governmental activities fell slightly below the ideal range. Despite this, it remains within acceptable limits, particularly in terms of utility services.

In terms of revenue sources, the city displayed remarkable stability, particularly through sales and property taxes. Yet, the report also pointed out that grant income can vary significantly from year to year, which adds an element of unpredictability to the city’s financial landscape.

Expenditures were shown to fluctuate as well, largely influenced by varying priorities among cities regarding service delivery. On the debt management front, McCook demonstrated a strong capacity to service its obligations, with the ratio of debt service to overall revenue indicating a responsible approach to handling public debt.

Overall, the audit report paints a picture of a financially sound municipality, with prudent management practices that put McCook on solid footing for the future.