1 The City of Sidney had an audit performed by Denning, Downey & Associates, P.C. for the 2017-18 fiscal year. The audit was found to be clean, which is the third year in a row the city has received a clean rating.
2 One finding in the audit revealed the city has an excess of cash in the general fund and they are not allowed to have more than half the amount budgeted in the fund. The excess money, City Clerk/Treasurer Jessica Redfield said, will be moved to Capital Improvement Projects (CIP) accounts, where it will remain until needed.
3The second finding in the audit report reflected the city’s early payoff of the Subdivision Improvement Districts (SID) loan. Money saved from the early payoff will be due back to owners in two of the four disctricts.
4The city passed all compliance checks, which limits the risk of theft. Redfield said the city’s biggest issue was saving too much money, which was a good place for Sidney to be. The city has implemented annual audits since 2014, although by law they are only required to do audits every other fiscal year.