FOLEY — The city of Foley’s finances got a thumbs up this week when its annual audit was presented in a special-called meeting prior to the City Council’s regular work session and meeting on Monday.

“We did not find internal deficiencies,” said Jack Rowell of Warren Averett LLC, the firm that conducted the audit.

Kevin Leeser of Warren Averett told the Council that the auditing firm completed its field work of collecting the necessary data in December and submitted its finding a month earlier than in 2012.

“Last year, we were doing this in June,” he said, crediting the city of Foley’s organization of its records for the quicker turn-around. “We didn’t have any difficulty getting information.”

The audit noted the city’s Deepwater Horizon settlement.

“The final statement was for $875,000 of which $840,000 was paid to the city and $35,000 to the court-supervised escrow account,” the audit report stated.

The audit also summarized how the city receives revenue each month.

“The city’s main revenue sources are derived primarily from sales tax on retail businesses, charges for services, such as waste removal and utility tax equivalents,” the report stated.

The audit also referenced the city’s contract with Schneider Electric that will result in energy and cost savings for the city. The program is funded with a qualified-energy conservation bond administered by the state.

The figures indicated a general-fund balance of $20,162,751 and fund balance of all funds combined at year end of $23,318,449.

“The bonds are in the form of $2,920,000 federally-taxable lease purchase certificates of participation,” the audit report states.

“It looks to me like the city os doing pretty well, even though we’ve been through some tough times,” Foley City Councilman Ralph Hellmich said in the meeting. “We appreciate all of the hard work of the town.”

Also Monday, the Council changed its next regular work session and meeting to 2:30 p.m. and 4 p.m. respectively on Wednesday, May 15.