Supervisors approve annual financial report

The Carson City Board of Supervisors unanimously approved the Annual Comprehensive Financial Report, including findings of a required audit, on Thursday.

The report was for the last fiscal year, ended June 30. HintonBurdick CPAs and Advisors gave an unmodified or “clean” opinion of the city’s financial statements.

Carson was also deemed a “low risk” auditee. Chad Atkinson of HintonBurdick said Carson City was “one of the friendliest places I’ve worked.”

Sheri Russell-Benabou, chief financial officer for the city, shared some good news with supervisors during the hearing: Carson City’s bond rating was recently upgraded from an AA- to AA by Standard and Poor’s, and from an A1 rating to Aa3 rating by Moody’s.

This will mean lower interest rates for the city, Russell-Benabou said.

“It’s a real feather in our cap,” she said.

Additionally, for fiscal year 2021, Carson City earned a certificate of achievement for excellence in financial reporting by the Government Finance Officers Association. The city has received the distinction for more than 30 years.

Overall, the financial report showed the city in positive net positions for both governmental activities and business-type activities. The city ended the last fiscal year with a $299.3 million net position for governmental activities. For business-type activities (user-generated revenue), the city had a $159.3 million net position.

Across both governmental and business activities, the city did see $3.4 million in losses – unrealized – in its investment portfolio. Russell-Benabou told supervisors she’s hopeful funds will recover over time, while Atkinson noted losses were common in the last year due to market fluctuations.

The only fund deficit reported was $497,261 in the city’s group medical insurance fund. Russell-Benabou told the Appeal this is due to governmental accounting practices (following the Governmental Accounting Standards Board) that require retirement and other post-employment benefits be reported as liabilities.

The city’s full financial report for the last fiscal year can be viewed at https://www.carson.org/home/showpublisheddocument/82893/638061065224400000.