“You had a good year,” auditor tells Seneca

Seneca’s leaders were told by their outside auditor that they can consider the last government year a positive period when it comes to the way it handles its money.  Mike Stancil, certified public accountant, delivered a 2014-15 audit that contained no management letter, meaning no criticism of the city’s books and record-keeping.  Stancil listed Seneca assets approaching $94 million dollars and fixed assets of $75 million.  “Long term debt is only $44 million dollars,” he said during last night’s city council meeting.  Stancil spent several minutes last night explaining how an unfunded liability covering pension responsibilities impact the bottom line.  But the auditor is not overly worried.  He says increased accounting is a responsibility that local governments are having to meet statewide.