The City of Ardmore has once again received positive news about its finances. During Monday evening’s city commission meeting, Casey Russel, CPA for the City of Ardmore, delivered the results of the audit of fiscal year 2018-2019 which included some key figures.
“(Ardmore) ended the year with $47 million in cash in the bank unrestricted. That’s money to pay the light bills, payroll, that type of thing,” Russel said, adding that this figure was up by $22 million since the end of 2014.
He said the city has $148 million in overall assets and liabilities totaling $53. This means the city’s equity, which is liabilities subtracted from assets, totals $97 million.
“That is a really solid financial statement,” Russel said.
Russel ended his presentation by stating that the audit found no internal control findings and no compliance findings.
“The audit went incredibly smooth,” Russel said. “It gets better every year, and the staff is always incredibly helpful down here.”
Mayor Sheryl Ellis thanked the accountants and their teams for all of their work, as well as City Manager J.D. Spohn and the city finance department for keeping  everything in order.
“That was a good report, and I know it doesn’t happen without a lot of hard work,” Ellis said. She then thanked the entire staff of the City of Ardmore for keeping to the city’s budget.
“When it’s tight everybody buckles up, and when it loosens again, J.D. (Spohn) does his best to make sure everybody has what they need to make it work,” Ellis said.