Michael Garcia of Ford-Scott & Associates reported on Aug. 14 that the City of Ocean City had received a “clean audit” for the 2013 fiscal year with no corrective findings or recommendations.
One net effect, Garcia said, is that “bond investors think highly of Ocean City.”
He noted a 2.25 percent interest rate on recent borrowing.
“You should be very happy with that,” Garcia said.
Garcia praised the city’s $5.8 million fund balance, up almost $1.2 million from the prior year. He said Ocean City does not over-rely on its reserves to balance its budget. He also noted the city’s tax collection rate of over 99 percent.