Audit
2010 Audited Financial StatementsThe City of Prescott is audited annually by Johnson Block & Company. For the year 2010, Prescott received an Unqualified Auditors Opinion. This is the highest rated opinion given by the auditors regarding the procedures and records used to produce statements. It is issued when the financial information presented is free of material misstatements and is represented fairly in accordance with the Generally Accepted Accounting Principals. An unqualified opinion also means that the City's financial condition, position and operations are fairly presented.
As of December 31, 2010, Prescott's General Fund had an unreserved, undesignated fund balance of $1.7 Million. This fund balance is available to be applied to future year's budget, one-time capital projects or used to reduce outstanding debt. The City has a net total of $26.8 Million in Capital Assets which include water, sewer, storm sewer, streets and sidewalks infrastructure, buildings, land, equipment and vehicles.
In 2010, the City had $10,070,469 in outstanding General Obligation Debt which is 71% of the maximum limit for Prescott. The City earned an Aa3 rating by Moody's Investor Service, which is an increase from A2 in 2008.
City Of
