The city of Wilmore received a clean audit for the fiscal year which ended in June 2007 at its city council meeting Monday night.
Jerry Hensley, an accountant from Ray, Foley, Hensley & Company, told the council in his presentation that the city's finances were in order, and the city is in good financial shape.
Overall, it was an excellent year," Hensley said. "This has to be classified as a very good report."
Now that Wilmore has received its audit, council members can begin working on a budget for the 2008-2009 fiscal year. It has already heard some requests for funding from different public service directors including a downtown renovation project proposed by Wilmore Director of Utilities and Public Works Dave Carlstedt and police sidearms upgrades proposed by Police Chief Steve Boven.
According to the auditor's report, the city's total assets stood at $19.23 million for the year, up approximately $783,000 from last year. The total liabilities payable was $4.21 million making the net assets $15.01 million. That was a $591,675 increase from 2006-2007.