University Place Financial Audit Finding-Free

A state audit report released today found no major deficiencies or findings with University Place's findings.

The report, which covers Jan. 1, 2010 to Dec. 31, 2010, focused on the city's financial statements.

The report even touched on Town Center:

"The city had $52,332,423 of long-term liabilities outstanding as of December 31, 2010," the report stated. "The debt includes $12,445,000 in principal for the 2007 limited tax general obligation bond series b, maturing no later than December 1, 2013. This debt requires annual interest-only payments of $705,631. The city originally anticipated using the proceeds of land sales related to the Town Center development project to pay the bond principal."

"However, land sales have not met the city’s original projections. The city is currently working to refinance either the full amount of the debt or the uncovered potion of the payment due."

In terms of a balance sheet, the city's assets exceeded it liabilities by $56,828,701. Of this amount, $2,854,864 may be used to meet the government’s ongoing obligations to citizens and creditors, according to report.