The Cottonwood City Council formally accepted the results of the city’s comprehensive annual financial report at its March 3 meeting.
The report, conducted by the Phoenix-based accounting firm Heinfeld and Meech, reviewed the city’s finances through the end of the last fiscal year, June 30.
The city has been recognized for 23 years in a row by the Government Finance Officers Association, a professional association, for its excellence in financial reporting.
The city is looking to see if Cottonwood qualifies for the recognition for a 24th year.
The audit report looked at a number of factors that have an impact on the city’s revenue.
The city had $21.5 million in expenses from government activities, according to the report. It’s around a 7 percent increase from the prior fiscal year primarily because of increases in public safety spending.
“The city had $8.6 million in expenses related to business-type activities, a decrease of 5 percent from the prior fiscal year, primarily due to decreases in water line and maintenance needs,” according to Heinfeld and Meech.
The city also collected around $950,000 more in sales taxes for the fiscal year.
Cottonwood Mayor Diane Joens outlined what the city had been spending money on as an addition to the report.
To read the full story, see the Wednesday, March 11, edition of the Cottonwood Journal Extra.
