Independent Auditors Presentation

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PFK O’Connor Davies, the Independent Accounting Firm hired by the Legislature to Audit the Putnam County Financial Statements, presented their audit results of the Fiscal Year ended 12/31/17 to the Audit & Administration Committee on 8/23/18.

The firm presented the County’s results of operations, indicating that a strong balance sheet was achieved through conservative fiscal accounting and budgeting practices. Among the highlights presented by the auditing firm:

  • The County received an unmodified (Clean) Audit opinion
  • The County maintains a Aa2 Bond Rating from Moody’s – “Obligations judged to be of high quality and subject to low credit risk.”
  • The County has eliminated short term debt and reduced long term debt saving taxpayers over $ 100,000 per year in interest expense
  • The County has received the Certificate of Achievement in Financial Reporting from the Government Finance Officers Association(GFOA) for excellence in financial reporting.

County Executive MaryEllen Odell stated, “We are pleased that the financial community has recognized Putnam County’s strong, fiscally conservative management practices.” She also acknowledged the Certificate of Achievement in Financial reporting, commenting, “This award indicates that we report on our finances in an open and transparent manner.” Finally, Odell credited her partnership with the County Legislature for keeping Putnam County on strong financial footing. “ We work with the Legislature, Elected Officials, Department Heads and all County employees to be good fiscal stewards of our taxpayer funds.”
Chairman of the Legislature Joseph Castellano was also pleased, stating, “Our high bond rating, combined with our strong system of internal controls, has saved taxpayers hundreds of thousands of dollars in interest expense and provides confidence that County funds are spent and accounted for in a fiscally prudent manner.”