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Tue February 28, 2012
Several Months Late, Lexington Gets Clean Audit
LEXINGTON, Ky. - Financial statements for the Lexington Fayette Urban County Government are in good order, according a recently completed audit of last fiscal year. Finance Commissioner Jane Driskell says auditors with the accounting firm Dean, Dorton, Allen & Ford issued an unqualified opinion to the city.
“It’s unqualified in that we fairly represented our financials and that there was no major issue that would lead them to not give us a clean opinion.”
At a meeting Tuesday of the Urban County Council Budget Committee, several members voiced concern about the delay in receiving the audit. It was due in November, and the council is now getting ready to craft next year’s budget.
“We do consider this the most important financial report for the government and the sooner we could get it, the more helpful it would be to us in our long-term planning,” said Council member Ed Lane.
The LFUCG charter requires that a financial audit be completed no more than four months after the end of a fiscal year. Finance Commissioner Driskell says the next review will start sooner and the process will be more streamlined.