Pre­lim­i­nary au­dit shows healthy Port De­posit

Cecil Whig - - WE ATHE R - By JANE BELLMYER

jbellmyer@ce­cil­whig.com

— 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.

Ted Sooki­asian,

PORT DE­POSIT

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.

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