Dooley and Jelly CPAs recently completed the audit for the City of Buffalo for the year ending June 30, 2013 and issued an unqualified, or “clean opinion,” although CPA Tracey Jelly told the city council there were minor issues to clean up.
The improvements, according to his report, will come as the city completes its transition of preparing its internal financial statements with generally accepted accounting principles, which should be finalized at the end of the current fiscal year in June of 2014, when the CPAs expect the city to be in full compliance.
A financial highlight of the report as of June 30, 2013 the City of Buffalo has approximately $14.8 million in cash. Long-term debts are mainly pertaining to Utility Funds. Amortization payments for these debts were paid on time.
The council accepted the audit report.