The annual audit report was recently released for Stuart Municipal Utilities.

According to Certified Public Accountants Faller, Kincheloe & Company, PLC, the receipts for Stuart Municipal Utilities totaled $10,038,753 dollars for the fiscal year ending June 30, 2022. That was a 178 percent increase from the previous year. Looking at disbursements from the same time frame, those totaled $3,381,559, which was a 10 percent decrease from the year before. The significant increase is attributed to water revenue anticipation project notes for the year ending June 30, 2022.

Faller, Kincheloe & Co, PLC reported eight findings related to issues such as a lack of segregation of duties, the preparation of financial statements, the lack of reconciliation of meter deposits and noncompliance with revenue notes and bond requirements. The accounting firm provided Stuart Municipal Utilities with recommendations to address those findings. All eight of the findings were the same from the previous year.