Preliminary audit shows healthy Port Deposit
— While the full report will not become public until later this year, a preliminary analysis of the town’s audit is good news, according to town officials.
finance manager, said the overall picture shows Port Deposit is healthy financially. The report was lengthier than in past years, due in large part to the fact this was Port Deposit’s first time using Barbacane, Thornton and Company, from Wilmington, Del., for the annual financial exam.
“They did an extensive review,” Sookiasian said. “And they have recommendations for the town.”
Port Deposit had previously used James D. Baxter, a North East-based certified public accountant for a number of years, Sookiasian said, adding that the business relationship went back at least to 2010.
Those recommendations include formalizing their policies for capital spending and investments.
“We don’t have many investments right now,” Sookiasian said, but added it’s good to have a policy in place for the future.
At the same time, he said a few of the suggestions made by the new auditor caught him by surprise.
“They want us to recognize accrued vacation for people on the books ... because it’s considered a liability,” he said. “That time has value.”
While it had been recorded all along, Sookiasian said the town will change the way it keeps track of that earned time for its handful of employees.