Independent audit checks out clean

Elizabethtown’s independent financial audit came back clean for another year.

Brian Woosley, a certified public accountant with Stiles, Carter & Associates, told Elizabethtown City Council the city is on solid financial footing and all financial statements the firm reviewed represent a fair assessment of the city’s finances during the council’s voting meeting Monday.

Financial highlights of the audit showed an ending cash and investment balance of $37.5 million for the fiscal year ending June 30, 2012, an increase of $5.4 million.

Estimated end-of-year capital assets were listed at $172.3 million minus depreciation with the city adding $35.6 million in capital assets, according to the audit.