By Scott Harvey
Commerce – The City of Commerce was given a "good bill of health" during a recently presented audit.
Conway Company CPA's conducted the audit in September 2009, and presented the findings to council during this month's regular meeting.
Auditors found the total net worth of Commerce was $14.1 million in 2009, up from the 2008 figure of $13.4 million.
The City was notified, however, that it is not entitled to all of its reserve funding as previously thought.
While Commerce shows a reserve balance of $918,000, more than half of that money is restricted, sitting in funds for hotel/motel and debt service. Auditors told the City they could transfer some of those dollars back to general reserves, which would bring the total to around $600,000.
Interim City Manager Marc Clayton said that while some of the funds are restricted, the city is not looking to dip into its reserves anytime soon.