Audits are a regular part of government operations and help identify areas needing compliance adjustments. Vernal City Council reviewed and approved their Fiscal Year 2023 audit during their recent January Council meeting. Vernal City’s total assets as presented in the audit are at $62 million dollars. The City’s total net position increased by $9 million dollars compared to $2 million dollars last year. It was found that funds needed to be moved from the unassigned balance as it was over 42 percent of revenue and the City can only carry 35 percent. There were plenty of good signs of the improved economy. Sales tax revenue increased by $1 million dollars and debt payments of $1 million dollars were made. Three findings in the audit of funds found over budget have been fixed. The Council unanimously approved the Fiscal Year 2023 audit as it was presented.
