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Audit report: City in good financial condition

Article Published 11/22/2013

The audited financial report was accepted by the Layton City Council November 21, 2013, for the year ended June 30, 2013. 
The City ended the year in good financial condition and received a clean opinion on the financial report from the independent auditors. The City maintains several separate funds for tracking revenues and expenditures/expenses.  
The General Fund of the City, which is the fund that tracks most tax revenues, had total revenues of $31,432,571. This was about $1,874,162 higher than the prior year. Expenditures and transfers to other funds of the City were $30,103,129. 
The City has four major utility funds for water, storm sewer, sanitary sewer and refuse. Each fund accounts for the user fee revenues and expenses of that service. Income or (loss) before contributions and transfers for each fund was as follows: Water Fund $1,454,865; Storm Sewer Fund $177,854; Sewer Fund $(180,306); and Refuse Fund $31,642.
The complete report titled the Comprehensive Annual Financial Report (CAFR) is available for review in the Finance Department offices and on the City web page at: