Column: All city funds audited each year 


Commentary by Loren Matthes 

I want to set the record straight because, after the recent mayoral debate, some Carmel residents were left with the impression that the Carmel Redevelopment Commission is in need of an independent audit.

Independent annual audits are already required by the State Board of Accounts. The City of Carmel and all component units are audited each year by the SBOA, at times through an independent, third-party CPA firm.

Last year, the city funds were audited by FORVIS LLP (formerly BKD LLP), a national independent private sector audit firm. Every single city fund, including redevelopment commission funds, are audited each year.

The City of Carmel has always received a clean audit opinion. In fact, the City of Carmel is one of the few cities in Indiana that has consistently received “Certificates of Achievement for Excellence in Financial Reporting” from the national Government Finance Officers Association (GFOA) for its Annual Comprehensive Financial Audit reports (ACFR). In addition, Standard and Poors consistently gives the city an overall “AA” credit score and their recent report states, “Carmel’s local economy remains a pillar of credit strength … The city’s growing tax base, coupled with its strong management, continues to support Carmel’s stable financial profile, which is characterized by very strong reserves and consistent operating performance.”

The city controller, who is also a CPA, oversees the city’s financial administration and reporting. The financial reports, including the ACFRs, are accessible to the public through the city’s website laserfiche portal.

My 35-year career in municipal finance was dedicated to advising cities and towns on financial matters. I was a partner in a public accounting/consulting firm and a licensed municipal advisor by the SEC. As a new city council member, I would work to ensure financial accountability, low taxes, transparency and financial understanding for citizens of Carmel.

Loren Matthes is a Republican candidate for the Carmel City Council’s West District. Before retiring, she spent 35 years working in municipal finance. 


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