Mayor Kasim Reed has announced that the City of Atlanta has $126.7 million in its general fund reserves, an increase of more than $119 million since January 2010 when he was inaugurated. The unrestricted fund balance is $107.1 million. The audited data was released as part of the city’s Comprehensive Annual Financial Report (CAFR) for the fiscal year which ended June 30, 2012.
“Under the stewardship of my administration, the City of Atlanta’s cash reserves have grown to more than $126 million from just over $7 million since January 2010,” said Reed. “Despite challenging economic conditions, we have cut unnecessary expenses and invested in public safety and our city’s young people. We have sensibly managed our finances, hired more than 700 police officers and expanded services for our residents. And we have done all of this without raising property taxes and having a balanced budget every year. Atlanta’s fiscal house is in order and we will continue to make substantive strides which make the city stronger.”
“We are committed to adhering to the reserve targets of the city as well as conservative budgeting and spending practices,” said Jim Beard, chief financial officer for the City of Atlanta. “With our unrestricted reserves at 20 percent of our annual budget, the finance team is looking toward tackling other critical needs of the city, such as long-term investments in infrastructure. KPMG is a renowned firm and we are pleased to have their clean audit opinion that our work at the city reflects the highest standard and conforms to accepted accounting principles.”
State law requires that all general-purpose local governments publish, within six months of the close of each fiscal year, a complete set of audited financial statements, presented in conformity with generally accepted accounting principles in the United States.
The city’s FY 2012 financial statements were audited by KPMG. The goal of the independent audit is to provide reasonable assurance that the city’s financial statements for the fiscal year ending June 30, 2012, are free of material misstatement.