Seneca gets the best opinion possible

The Seneca mayor and council left their meeting last night with a kick to their steps. Not just because they had finished their February meeting in time to watch Clemson-Notre Dame basketball. They had just received a favorable financial opinion from their outside auditor, coupled with an expectation that new economic development is on its way. At the start of his presentation, Mike Stancil, certified public accountant, wore a second hat as a board member of Oconee Economic Alliance. He hinted that good things are headed the city’s way to its commerce park on Shiloh Road, the former Pro Pex building. Stancil’s examination of the city’s financial records in 2014-15 showed the city increased its net worth by $3.3 million to a total of $52.6 million. The numbers include certain restricted amounts, but he said Seneca has its disposal $1.6 million in general government funds and $4.8 million in Light and Water funds. He added, however, that Seneca is not debt-free, saying the debt amounts to $21 million. But, overall, Stancil commended Seneca officials for the way they are handing and managing the city’s money. On the horizon there is a new financial reporting requirement that will come to be next year that will have the effect, he said, of reducing the city’s net worth. “Basically, what it’s going to do is require all municipalities to record what’s funded as an unfunded liability for the state retirement system,” he said.