An annual independent audit of the City of Newcastle financial statements for fiscal year ending June 30, 2023, came back as very positive.
Auditors HBC CPAs & Advisors showed no negative findings in their audit. They note that there were no deficiencies identified as material weaknesses, and the City was in compliance with all of its financial statements.
In reporting the City’s net financial position, the audit states that the City’s net position on a modified cash basis for the governmental and business-type activities increased by $8,479,932.
The audit looked at the City of Newcastle, the Newcastle Public Works Authority, the Newcastle Educational Facilities Authority, and the Newcastle Economic Development Authority. It also looked at federal and state programs in which the City of Newcastle is involved.
A positive aspect of the audit was in the Capital Assets and Depreciation. There was an increase in the City’s balance from $13,990,849 in July 1, 2022, to $18,541,241 on June 30, 2023.
The only negative noted in the audit was that the City is required by the State Deposit Act to obtain and hold collateral whose fair value exceeds the amount of uninsured deposits. The audit states that the City was undercollateralized by $747,308 as of June 30, 2023.
The audit was presented to the City Council, and accepted, during their regular August meeting.
