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Chester, SC

City receives clean 2020 audit

News & Reporter
 2021-07-27

Some persistent cash flow concerns remained, but otherwise the news was good from the City of Chester’s fiscal year 2020 audit. The audit was performed by Love Bailey CPAs and Gary Bailey presented the findings to Chester City Council on Monday. The audit was unqualified, meaning it is factually accurate and Bailey did not report any findings. Some recent audits, conducted for years when the city lacked a finance director, a city administrator or both, contained serious findings, including that budget oversight was lacking, financial statement presentation was problematic and that there was the possibility of fund misappropriation. At one point recently, the city received an audit with a disclaimer of opinion, meaning records were so sparse or poorly kept, an actual opinion could not be offered. With the city having used a CPA firm to handle its finances for more than a year (though there is a plan to bring back the dormant finance director position) none of those problems or any others reoccurred.

www.onlinechester.com

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