Report gives city ‘average’ financial condition rating

The city’s overall financial condition assessment was 'inconclusive,' which is an average score, according to auditor James Moore & Company.

By Jonathan Simmons
| 9:55 p.m. March 16, 2021

Palm Coast City Hall. File photo by Brian McMillan

Palm Coast Observer
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Palm Coast’s overall financial condition assessment, which measures the city across 25 different metrics, came out as “inconclusive” this year, according to the city’s auditor, James Moore & Company.

That’s not necessarily a bad thing, said Webb Shephard, CPA and a director at James Moore & Co., during a March 16 City Council workshop.

“Inconclusive really just means average,” Shephard said.

The three scoring options for that report, he said, are “favorable,” “inconclusive” or “unfavorable.”

Palm Coast is in compliance with financial regulations, he said.

“All funds are in compliance and exceed the fund balance policy,” Shephard said at the workshop.

The city saved about 3.4% in expenditures by putting projects on hold due to COVID-19, Shephard said. The city’s overall debt deceased by about $3.4 million, and the city refinanced 2016 and 2017 bank loans for a savings of $2.5 million.

The city’s Fitch credit rating also rose from an A+ to a AA.

“That really is a wonderful achievement for your finance department,” Shephard said.

James Moore & Co. found no evidence of noncompliance, Shephard said.