The city is required to conduct an annual audit conducted by
an independent auditor. The firm of
Schlenner Wenner & Co. was hired to conduct our audit. The audit was presented to the city council
at their April meeting.
Some of the highlights from the presentation include:
·
Revenues were up slightly from that of 2015 with
an increase of $13,778
Building permit revenues were very strong
with $56,616 over budget
Fund transfers of $69,000 as budgeted were
not transferred
·
Expenditures were over budget for 2016 by
$46,068
General Government category of expenses was
$326,376 under budget
Capital Outlay expenses were higher than
anticipated by $207,184
Operating Transfers to Revolving Capital Fund
was more than budget by $210,491
·
Debt Service Funds ended the year with $11,550
revenues over expenses
·
One General Obligation Bond is outstanding with
a balance of $1,695,000
·
Revolving Capital Fund ended the year $272,229 stronger
than 2015
·
Cemetery Fund balance is $106,704, which includes
the Perpetual Care Fund
·
EDA Fund balance is $5,120
·
Sewer Fund balance is $3,347,530 which includes
Capital and Operating Funds
This budget year was somewhat unusual. A grant replaced some of the capital
expenditures incurred with the project not being budgeted. Building permits were far stronger than
anticipated which affects both revenues and expenditures, both beyond
budget. Revenues that are earmarked for
capital expenditures were stronger than anticipated increasing the transfer to
the Revolving Capital Fund. The city is
doing very well financially and is positioned well for the future.
