FOLEY — According to an annual audit, the city of Foley’s finances are in good shape.

During a special called meeting Monday afternoon, the Foley City Council heard the results of the audit that was conducted by the financial firm Warren, Averett, O’Sullivan, Creel.

“We had no audit findings,” firm representative Debra Smith told the Council Monday.

That means the city had no discrepancies in the handling of its funds for the 2011 fiscal year.

“That’s a clean opinion, in the financial world,” firm representative Jack Rowell said at the meeting.

He explained that the firm’s audit procedure began fairly recently.

“We met with the city manager a couple of months ago,” Rowell said. “We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards,issued by the comptroller general of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.”

However, he said, no misstatement was found.

The report included the final balance, in September, of the city’s general fund, which was $24,052,384. The audit also detailed an analysis of the city’s handling of last year’s budget.

“Due to the continued uncertainty of the economy, management’s budgeting of both revenues and expenditures were conservative for FY11,” the report states. “Revenues were originally budgeted at $24,085,687 representing a decrease of $677,627 over the FY10 projected close in anticipation of the continued decline in property taxes, due to the continued decline in valuations, and licenses and permits. Grants and other increases approved by Mayor and Council throughout the year totaling $96,842 resulted in final budgeted revenues of $24,182,529 with actual revenues of $24,700,183 which exceeded the final budget by $517,654 primarily due to local tax revenues coming in higher than anticipated.”

To sum up, the report was positive.

“We do not find any inefficiencies,” Rowell said. “We find no instances of noncompliance (with regulations).”

“How long did it take you to work on the audit?” Foley Mayor John Koniar asked Smith and Rowell.

“Three people were here in the office for three weeks,” Smith said, adding that one person worked on the audit at the financial firm for approximately two more weeks.