SOMERSET, KENTUCKY (January 12, 2022) — For the sixth consecutive year, the City of Somerset has received a clean, unqualified audit with no findings.
Kevin Fisher, a manager with RFH CPAs in Lexington, presented the audit at the Dec. 13 Somerset City Council meeting, which included a review of the 2020-21 fiscal year budget of $87 million, the city’s internal controls and federal grant funds received. He pointed out to council members that being able to make this report as early as December is unusual, and a direct result of auditors receiving the information they need promptly from the city’s accounting team.
“It is an accomplishment to have an audit with no findings, to have no internal control findings, to have a single audit on your federal awards not have any issues,” Fisher said. “In my experience, that’s not something that I present that much. So, I think that’s something you should be proud of. … It’s a big accomplishment and should not be taken for granted, because it’s not common.”
Chief Financial Officer Mike Broyles attributed this success to the accounting team as well as City Clerk Nick Bradley and his staff, who work together to ensure transactions are recorded properly and financial situations are handled with care. These employees are responsible for bookkeeping processes for the general fund — which includes nine city departments — as well as the sanitation, water, gas and sewer funds and budgets for the waterpark, fuel center, tourism, EMS and the municipal aid program.
“We’ve got a great team of people who work together to meet deadlines, to the point of even scheduling time off around different due dates,” Broyles said. “They understand the importance of an unqualified audit and make choices and decisions that benefit the process.”
In addition to receiving a clean opinion, having record revenue in taxes with no rate increases, and giving employees raises, keeping benefits intact and providing them with updated equipment and facilities — all while keeping financials strong — are significant accomplishments, Somerset Mayor Alan Keck said.
“I greatly appreciate the work of this team. You can’t get better than a clean opinion, especially having no findings when it comes to a review of federal funds,” Keck said. “We are being good stewards of this money while also improving the quality of life for our residents and the workplace culture for our employees. As a city government, we should be incredibly proud of the fiscal year we’ve had.”