RFP Staff
♦ Last year city officials celebrated the city’s Fibrant Fund turned a small profit. This was true on a modified accrual basis, but on a full accrual basis the Fibrant Fund lost money.
In an email dated December 12, 2014 City Finance Director Wade Furches asked Martin and Starnes auditor Tonya L. Marshall if he “can change the enterprise fund presentation to modified accrual (budgetary) basis? We think this is what our Council will understand.” Auditor Tonya L. Marshall responds “absolutely, whatever is more meaningful for them.” December 12th 2014 email below:
In a follow up email dated December 15, 2014 Furches emails Marshall again stating, “Here is the full, revised PP (power point) presentation for the CAFR tomorrow. I changed the enterprise funds slide to modified accrual basis.” December 15th, 2014 email below:
This is the presentation presented publicly to the Salisbury City Council, main street media, and on Access 14 by the auditor from Martin and Starnes.
The change was important. On a modified accrual basis the Fibrant Fund showed a small profit because it did not include all Fibrant related costs. On a full accrual basis, which showed all Fibrant related costs, the Fibrant Fund showed a loss.
We at Rowan Free Press understand that City Council was not consulted about this change.
