Audit is good news for Canonsburg
Canonsburg Borough Council members last week received the year-end audit report for 2012, which said the borough is “in good financial shape.”
Cypher & Cypher of Canonsburg, the borough’s auditing firm, presented the financial overview.
The audit did not turn up any irregularities.
The borough had revenues of $4,218,729 for the year ending Dec. 31, 2012, and a fund balance of $500,000.
In seven of the past 12 years, the borough has achieved its goal of maintaining $500,000 in the fund balance, which Cypher & Cypher credited to borough officials “carefully watching spending and income.”
In each of the past five years, the borough has brought in more revenues than anticipated. The borough’s biggest expenses are public safety (it accounts for 31 percent of the borough’s expenses), streets and highways (21 percent) and general government.
The firm encouraged the borough to “keep an eye on” the funding ratio of the borough’s pension plan and suggested council consider implementing a “rainy day fund” to offset expenses generated by unforeseen catastrophe.