Nevis audit shows positive cash increases

The city of Nevis received an unmodified opinion on their audit report for the fiscal year ending Dec. 31, 2022.

John Roscoe from Miller McDonald presented information about the audit at the council meeting on Monday, May 8.

The city’s cash balance at the end of the fiscal year was $893,581. That included $492,784 in the fire fund and $400,797 in the general fund.

“The general fund has 14 months’ operating costs, which is good, and all accounts had positive cash increases, except for the sewer fund,” Roscoe said. “Each fund also has positive cash reserves. The budget was consistent with projections and operations came out as expected.”

The audit report showed a net income of $65,744 or the water fund. The municipal liquor store had a net income of $103,272 and the sewer fund showed a net loss of $110,199. The total net income for the city was $58,818.

Roscoe noted that the city’s two debt obligations will be paid by 2024. He said there was one minor compliance issue with no interest on a late payment

He added that segregation of duties is not possible due to the small number of employees, but Nevis has accountability measures in place.

“Only a few minor audit adjustments had to be made within funds that didn't affect the overall cash balance,” he said.

The council approved the audit as presented.